823 W Oklahoma St · Appleton, WI 54914

$199,000

3 bd · 2.0 ba · 1,461 sqft · MultiFamily public records · 63 Days on market

Built 1909 6,969 sqft lot Est $207k · at est.

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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 +9.3/15.0
• Rent growth +4.4/5.0
• Livability +4.1/5.0
• Schools +3.0/10.0
• 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: 2 units. confirmed

Listing remarks

Great opportunity to invest or owner occupy this fine 2 Unit N Appleton Duplex. Main Level features a Living RM, Dining RM, Kitchen, Bed RM and Bath. Upper level has a Kitchen, Bath, Living RM and two Bedrooms. Recent home updates include upper unit remodel, and roof. Please see updates sheet for details. The Lower Level Laundry Area can be accessable to both home units. 2 Car Garage

Key facts

• 6,969 sq ft lot
• Built 1909
• Listed 63 days

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family property; 2-story / Bi-level building; Estimated total living area between 1,251 and 1,500 sq. ft.
• Construction: Built (year per assessor/public record)
• Exterior features: Vinyl exterior; Lot is approximately 0.16 acres

Interior

• Kitchen: Two kitchens (one in each unit); Includes 2 stoves and 2 refrigerators; One dishwasher
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms (master ~12 x 12; second bedroom ~16 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating fuel
• Interior features: Full block basement
• Laundry & utility: One washer and one dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.8% in Appleton — 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 82/100 on livability (#44 in WI, #1,073 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Appleton Area School District (urban): math 33% / reading 36% proficiency, ranked #224 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.8%/yr); 54 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• At $3,040/mo this rent would consume 46% of the median local household income ($80k/yr) (locally 744% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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.
• Current owner paid $100k; list at $199k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1909 — 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. 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: 1.53% ✓
• Cap rate: 12.98%
• Cash-on-cash: 23.86%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $207,462
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
805 N State St	0.23mi	3/2.0	1,384 (-5%)	12mo	$186,440	$135	71
828 W Winnebago St	0.09mi	4/2.0 (+1)	1,582 (+8%)	15mo	$237,500	$150	65
840 W 5th St	0.75mi	3/2.0	1,432 (-2%)	1mo	$165,000	$115	61
617 W Franklin St	0.36mi	4/2.0 (+1)	1,500 (+3%)	17mo	$165,000	$110	60
1219 W Packard St	0.36mi	4/2.0 (+1)	1,632 (+12%)	1mo	$290,700	$178	58
1014 N Oneida St	0.66mi	4/2.0 (+1)	1,468 (+0%)	8mo	$259,100	$176	57
324 N Outagamie St	0.53mi	4/2.0 (+1)	1,512 (+4%)	22mo	$215,000	$142	46
1224 W Spencer St	0.73mi	3/2.0	1,638 (+12%)	12mo	$240,000	$147	36
106 E Franklin St	0.69mi	2/2.0 (-1)	1,677 (+15%)	9mo	$181,000	$108	30

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 · 7.77% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 1.96×
• Total profit: $53,618
• Equity at exit: $29,672

10-year hold

• IRR: 33.1%
• Equity multiple: 4.71×
• Total profit: $206,813
• Equity at exit: $17,206

Cash invested: $55,720 (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 54914

• Rents YoY: 7.8%
• Active inventory: 54
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,040 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$167 /mo · $2,004/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $1,108

Break-even live

Break-even rent $1,637

Max offer price $199,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,221	-5% $1,164	+0% $1,108	+5% $1,052	+10% $995
Rent	-10% $868	-5% $988	+0% $1,108	+5% $1,228	+10% $1,348
Rate	-1.0pp $1,208	-0.5pp $1,159	base $1,108	+0.5pp $1,057	+1.0pp $1,004

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,040
Total (2 units)			$3,040

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
826 W Elsie St Appleton, WI	4.0	2.0	1328	$1,800	$1.36	22d	1	0.04mi
806 N Richmond St Appleton, WI	4.0	1.5	1260	$2,695	$2.14	22d	1	0.15mi
1006 W Spring St Appleton, WI	2.0	1.0	900	$2,250	$2.50	44d	1	0.28mi
1115 N Mason St Appleton, WI	3.0	2.0	1664	$1,495	$0.90	14d	1	0.48mi
1114 N Superior St Unit 2 Appleton, WI	2.0	1.0	900	$900	$1.00	14d	1	0.54mi
217 S Badger Ave Unit 1387451P Appleton, WI	3.0	2.0	1194	$3,470	$2.91	14d	1	0.55mi
1208 N Superior St Unit 1208 LOWER Appleton, WI	2.0	1.0	950	$1,500	$1.58	44d	1	0.57mi
517 N Morrison St Appleton, WI	3.0	1.5	1400	$1,495	$1.07	14d	1	0.68mi
105 W College Ave Appleton, WI	1.0–2.0	1.0–2.0	843	$1,975	$2.34	14d	15	0.74mi
609 S State St Unit 1061651P Appleton, WI	4.0	2.5	1593	$3,236	$2.03	44d	1	0.79mi
118 N Durkee St Appleton, WI	1.0–2.0	1.0–2.0	849	$1,850	$2.18	14d	3	0.86mi
320 E College Ave Unit 204 Appleton, WI	2.0	2.0	1298	$2,500	$1.93	22d	1	0.90mi
320 E College Ave Unit 603 Appleton, WI	2.0	2.0	1592	$2,995	$1.88	44d	1	0.90mi
320 E College Ave Unit 208 Appleton, WI	2.0	2.0	1443	$2,400	$1.66	44d	1	0.90mi
320 E College Ave Unit 307 Appleton, WI	3.0	2.0	1525	$2,500	$1.64	44d	1	0.90mi
229 W Marquette St Appleton, WI	4.0	1.0	1152	$1,625	$1.41	45d	1	1.07mi
807 E Atlantic St Appleton, WI	3.0	1.0	960	$1,799	$1.87	22d	1	1.16mi
2130 W Russet Ct Appleton, WI	1.0–2.0	1.0	900	$1,270	$1.41	14d	1	1.22mi
228 N Rankin St Unit 1061616P Appleton, WI	2.0	1.0	1097	$6,795	$6.19	14d	1	1.29mi
2409 N Eugene St Unit 1 Appleton, WI	2.0	2.0	1000	$1,400	$1.40	14d	1	1.32mi
839 E John St Unit lower Appleton, WI	3.0	1.0	1200	$1,400	$1.17	22d	1	1.34mi

Listing history 11 events

1. 2026-05-22
   status Pending
2. 2026-03-30
   historical Active w/ Contract
3. 2026-03-20
   listed $199,000 Active
4. 2025-10-12
   historical $895
5. 2025-10-09
   listed $895
6. 2021-06-08
   soldstatus $100,000
7. 2016-06-01
   historical
8. 2016-06-01
   soldstatus $79,000
9. 2016-04-25
   historical Contingent
10. 2015-11-12
    listed $80,000 Active
11. 2011-12-02
    soldstatus $54,000

ⓘ 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: $2,004 · $167/mo
• Projected year-2 tax: $2,843 · $237/mo
• Expected delta: +$839/yr (+$70/mo · 41.9%)

ⓘ 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 · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,480
• − Mortgage interest: −$11,147
• − Property taxes: −$2,004
• − Insurance: −$995
• − Repairs & maintenance: −$2,918
• − Management: −$2,918
• − Depreciation: −$5,789
• Taxable income: $10,708
• Est. tax owed @ 24.0%: −$2,570
• After-tax cash flow: $10,727/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: Appleton Area School District
• NCES district ID: 5500390
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $53,892
• Composite: 30.3/100
• National rank: #6279
• State rank: #224 of 342 in WI

Livability — Appleton

• Score: 82/100
• State rank: #44
• US rank: #1073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Appleton, WI
• County: Outagamie County · 155,051 people
• City population: 126,671
• Metro: Appleton, WI
• Population (ZIP): 31,849
• Household income: $79,875
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 744.0

Population outlook (Outagamie County) Hauer SSP2

• Today (2025): 195,863 people
• By 2030: 201,154 · +2.7%
• By 2040: 209,053 · +6.7%
• By 2050: 211,957 · +8.2%
• By 2075: 214,299 · +9.4%
• By 2100: 200,825 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 6% Portuguese 4% Iranian 4%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 3% German/W. Germanic 1%

Political lean MEDSL · Outagamie

• 2024 margin: R (+10.2) · D 44.2% · R 54.4% · Other 1.5%
• 2008→2024 swing: -21.8pp toward R · 2008: 11.6pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+9.9 2016: R+12.6 2012: R+1.8 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -213.81%
• Current HPI: 214.5939
• Rent YoY: ▲ 7.77%
• Metro: Appleton, 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

+268.5% since first listed

11 events — show timeline

• 2026-05-22 Pending — RANW
• 2026-03-30 Contingent — RANW
• 2026-03-20 Listed $199,000 RANW
• 2025-10-12 Rental Removed $895 BUILDIUM
• 2025-10-09 Listed for Rent $895 BUILDIUM
• 2021-06-08 Sold (Public Records) $100,000 Public Records
• 2016-06-01 Listing Removed — RANW
• 2016-06-01 Sold (Public Records) $79,000 Public Records
• 2016-04-25 Contingent — RANW
• 2015-11-12 Listed $80,000 RANW
• 2011-12-02 Sold (Public Records) $54,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,004 · +6.0% YoY. Source: county tax records.