6628W Marion St Unit 1-4 · Winter, WI 54896

$299,900

3 bd · 4.5 ba · 3,814 sqft · MultiFamily · 243 Days on market

Built 1500 Fair condition 1.07 ac lot

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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 +19.1/30.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

(323/KTG) Looking for an investment opportunity or want to live the Northwoods dream of owning your own business with time to play, located in the Village of Winter with a southern exposure of Doc Smith Park is this wonderful 3-4 apt building that may be right up your alley. One apartment is a 3 bedroom/2 bath unit being used as a short-term rental that sleeps up to 8. Apt #2 is a 1 bedroom 1.5 bath unit that was remodeled in the last few years. Apt #3 is a 2 bedroom, 1bath home with a woodburning fireplace. While Apt #4 is in the basement and has 3 bedrooms and 1 bath that needs a little TLC. There is ample outside parking along with a 3 bay garage, one heated for convenient access to make all those necessary repairs. There is also a 30x30 pole building for additional storage. The building is in a great location and backs right up to the Tuscobia Trail for all of your ATV/Snowmobile/recreational needs. The Chequamegon National Forest and other public hunting grounds nearby. Asking $299,900. Taxes 2025:$1731.00 (32-39N-05W Prt SWNE Lot 1 CSM 36/55 #8380)

Key facts

• Southern exposure
• Remodeled unit
• 30x30 pole building

Tags

• SOUTHERN EXPOSURE
• REMODELED UNIT
• WOODBURNING FIREPLACE
• AMPLE OUTSIDE PARKING
• 30X30 POLE BUILDING
• BACKS TO TUSCOBIA TRAIL

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $300k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive. Per door: $105/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#398 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D, employment D.
• Winter School District (rural): math 40% / reading 35% proficiency, ranked #305 of 426 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 54 active listings in the ZIP; 228 units permitted in Sawyer County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (4.7% local appreciation)).
• Sawyer County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 243 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1500 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 243 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1500 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.01% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 1.99×
• Total profit: $83,378
• Equity at exit: $163,681

10-year hold

• IRR: 16.5%
• Equity multiple: 3.83×
• Total profit: $237,717
• Equity at exit: $277,439

Cash invested: $83,972 (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 54896

• Home prices YoY: 2.3%
• Active inventory: 54
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $3,023 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$635
• Net cashflow: $316

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 85%

Sensitivity live

Price	-10% $523	-5% $419	+0% $316	+5% $212	+10% $108
Rent	-10% $77	-5% $196	+0% $316	+5% $435	+10% $554
Rate	-1.0pp $467	-0.5pp $392	base $316	+0.5pp $238	+1.0pp $159

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$3,024
Total (3 units)			$3,023

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $299,900 Active 243 DOM
2. 2026-06-18
   days on market $299,900 Active 241 DOM
3. 2026-06-17
   days on market $299,900 Active 240 DOM
4. 2026-06-16
   days on market $299,900 Active 239 DOM
5. 2026-06-15
   days on market $299,900 Active 238 DOM
6. 2026-06-15
   days on market $299,900 Active 237 DOM
7. 2026-06-13
   days on market $299,900 Active 236 DOM
8. 2026-06-12
   days on market $299,900 Active 235 DOM
9. 2026-06-09
   days on market $299,900 Active 232 DOM
10. 2026-06-08
    days on market $299,900 Active 231 DOM
11. 2026-06-08
    days on market $299,900 Active 230 DOM
12. 2026-06-07
    days on market $299,900 Active 229 DOM
13. 2026-06-04
    days on market $299,900 Active 227 DOM
14. 2026-06-03
    days on market $299,900 Active 226 DOM
15. 2026-06-02
    days on market $299,900 Active 225 DOM
16. 2026-06-01
    days on market $299,900 Active 224 DOM
17. 2026-05-31
    days on market $299,900 Active 223 DOM
18. 2025-10-20
    listed $299,900 Active 1070-char remark

    Show marketing remark (1070 chars)

    (323/KTG) Looking for an investment opportunity or want to live the Northwoods dream of owning your own business with time to play, located in the Village of Winter with a southern exposure of Doc Smith Park is this wonderful 3-4 apt building that may be right up your alley. One apartment is a 3 bedroom/2 bath unit being used as a short-term rental that sleeps up to 8. Apt #2 is a 1 bedroom 1.5 bath unit that was remodeled in the last few years. Apt #3 is a 2 bedroom, 1bath home with a woodburning fireplace. While Apt #4 is in the basement and has 3 bedrooms and 1 bath that needs a little TLC. There is ample outside parking along with a 3 bay garage, one heated for convenient access to make all those necessary repairs. There is also a 30x30 pole building for additional storage. The building is in a great location and backs right up to the Tuscobia Trail for all of your ATV/Snowmobile/recreational needs. The Chequamegon National Forest and other public hunting grounds nearby. Asking $299,900. Taxes 2025:$1731.00 (32-39N-05W Prt SWNE Lot 1 CSM 36/55 #8380)

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,276
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,902
• − Management: −$2,902
• − Depreciation: −$8,724
• Taxable loss: −$1,050
• Est. tax savings @ 24.0%: +$252
• After-tax cash flow: $4,039/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate rehab needed. It has potential for increased value with updates to the interior and HVAC system.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear
• Minor HVAC unit — visible unit

Value-add opportunities

• Both paint interior walls — enhances appearance and value
• Both replace flooring — improves comfort and value
• Both repair and replace HVAC unit — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
HVAC unit · visible unit	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances appearance and value ↑
• Both replace flooring — improves comfort and value ↑
• Both repair and replace HVAC unit — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Winter School District
• NCES district ID: 5516860
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $36,368
• Composite: 33.66/100
• National rank: #10459
• State rank: #305 of 426 in WI

Livability — Winter

• Score: 68/100
• State rank: #398
• US rank: #9940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winter, WI
• Population (ZIP): 1,601

Population outlook (Sawyer County) Hauer SSP2

• Today (2025): 15,448 people
• By 2030: 14,715 · -4.7%
• By 2040: 13,039 · -15.6%
• By 2050: 11,490 · -25.6%
• By 2075: 9,280 · -39.9%
• By 2100: 7,399 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 4% Black 4% Native American 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 9% Romanian 7% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Sawyer

• 2024 margin: R (+16.4) · D 41.4% · R 57.7%
• 2008→2024 swing: -22.6pp toward R · 2008: 6.2pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+13.4 2016: R+22.9 2012: D+0.5 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.65%
• Current HPI: 208.9409
• 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

1 event — show timeline

• 2025-10-20 Listed $299,900 RANWW