23056 Aspen Ave · Warrens, WI 54666

$750,000

None bd · None ba · 15,000 sqft · MultiFamily · 19 Days on market

Built 2000 1.74 ac lot $50/sqft · at area comps Est $715k · at est.

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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 +24.7/30.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• ARV discount +5.3/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This exceptional 15,000 sq ft property is ideally located right off the Warrens exit, next to Jellystone Park Warrens. Sitting on 1.74 acres, the building offers a unique investment opportunity with 42 temperature-controlled storage units in a variety of sizes. In addition, the property features 7 well-maintained apartments with their own secure entrance, including both 1-bedroom and 2-bedroom units. With strong income potential and a prime, high-traffic location near a popular destination, this versatile property is perfect for investors looking to expand their portfolio.

Key facts

• Secure entrance
• 1.74 acre lot
• Built 2000

Tags

• SECURE ENTRANCE
• HIGH TRAFFIC LOCATION
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $750k).
• Recommended offer: $739k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#465 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: health & safety D, schools F, amenities F.
• Tomah Area School District (town): math 27% / reading 28% proficiency, ranked #293 of 342 in WI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 34 active listings in the ZIP; 93 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Recommended offer $738,750 (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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.14% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.96%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $715,000
• List price: $750,000
• Delta: 4.90%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23056 Aspen Ave	0.00mi	—/—	15,000 (0%)	0mo	$715,000	$48	100

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-21,570
• Equity at exit: $111,827

10-year hold

• IRR: 7.0%
• Equity multiple: 1.53×
• Total profit: $110,292
• Equity at exit: $64,846

Cash invested: $210,000 (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 54666

• Home prices YoY: -4.0%
• Active inventory: 34
• Price-to-rent: 54.8×

Monthly cashflow live

• Estimated rent: $8,545 medium
• Mortgage (P&I): −$3,933
• Tax est. 1.5%: −$938 /mo · $11,250/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,794
• Net cashflow: $1,567

Break-even live

Break-even rent $6,561

Max offer price $750,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,086	-5% $1,827	+0% $1,567	+5% $1,308	+10% $1,049
Rent	-10% $892	-5% $1,230	+0% $1,567	+5% $1,905	+10% $2,243
Rate	-1.0pp $1,945	-0.5pp $1,758	base $1,567	+0.5pp $1,373	+1.0pp $1,175

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,560
▸ 3× units	2	1	$3,984
Total (7 units)			$8,545

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-04
   status Pending 579-char remark

   Show marketing remark (579 chars)

   This exceptional 15,000 sq ft property is ideally located right off the Warrens exit, next to Jellystone Park Warrens. Sitting on 1.74 acres, the building offers a unique investment opportunity with 42 temperature-controlled storage units in a variety of sizes. In addition, the property features 7 well-maintained apartments with their own secure entrance, including both 1-bedroom and 2-bedroom units. With strong income potential and a prime, high-traffic location near a popular destination, this versatile property is perfect for investors looking to expand their portfolio.

2. 2026-04-15
   listed $750,000 Active 579-char remark

   Show marketing remark (579 chars)

   This exceptional 15,000 sq ft property is ideally located right off the Warrens exit, next to Jellystone Park Warrens. Sitting on 1.74 acres, the building offers a unique investment opportunity with 42 temperature-controlled storage units in a variety of sizes. In addition, the property features 7 well-maintained apartments with their own secure entrance, including both 1-bedroom and 2-bedroom units. With strong income potential and a prime, high-traffic location near a popular destination, this versatile property is perfect for investors looking to expand their portfolio.

3. 2024-03-14
   historical $995
4. 2024-02-04
   listed $995
5. 2023-08-29
   historical
6. 2023-08-12
   listed
7. 2023-07-19
   historical

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

Taxation est. · year 1

• Rental income: $102,540
• − Mortgage interest: −$42,012
• − Property taxes: −$11,250
• − Insurance: −$3,750
• − Repairs & maintenance: −$8,203
• − Management: −$8,203
• − Depreciation: −$21,818
• Taxable income: $7,304
• Est. tax owed @ 24.0%: −$1,753
• After-tax cash flow: $17,057/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: Tomah Area School District
• NCES district ID: 5514910
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $50,063
• Composite: 24.14/100
• National rank: #7747
• State rank: #293 of 342 in WI

Livability — Warrens

• Score: 66/100
• State rank: #465
• US rank: #11843

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warrens, WI
• Population (ZIP): 2,623

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 45,682 people
• By 2030: 45,187 · -1.1%
• By 2040: 43,768 · -4.2%
• By 2050: 41,596 · -8.9%
• By 2075: 35,555 · -22.2%
• By 2100: 28,278 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Native American 2% Black 1%
• Common ancestry: Portuguese 8% Romanian 5% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+26.1) · D 36.3% · R 62.5% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: 8.0pp · 2024: -26.1pp
• All cycles: 2024: R+26.1 2020: R+23.6 2016: R+22.5 2012: R+0.7 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.47%
• Current HPI: 177.84
• 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

7 events — show timeline

• 2026-05-04 Pending — METROMLS
• 2026-04-15 Listed $750,000 METROMLS
• 2024-03-14 Rental Removed $995 APPFOLIO
• 2024-02-04 Listed for Rent $995 APPFOLIO
• 2023-08-29 Rental Removed — APPFOLIO
• 2023-08-12 Listed for Rent — APPFOLIO
• 2023-07-19 Rental Removed — APPFOLIO