3712-3724 Lien Rd · Madison, WI 53704

$1,099,900

14 bd · 7.5 ba · 6,600 sqft · MultiFamily public records · 20 Days on market

Built 1971 0.37 ac lot

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Why this score? — see what drove the D- 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 +12.5/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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

Stabilized 7-unit in Madison combining reliable in-place income with meaningful rent upside. Long-term tenants anchor the rent roll. Six units are similar in size and share laundry in the basement. Unit 3724 stands out as a townhome-style layout with bedrooms on upper-level and a private unfinished basement, including its own dedicated laundry. Current rents range from $1,100 to a renovated unit at $1,400, with two active renewal offers accepted at $1,250 establishing strong in-building comps and a clear floor for repricing units.

Key facts

• 0.37 acre lot
• Parking
• Built 1971

Property features AI

Finance

• Other: Seven residential rental units (unit sizes include 900 sq ft for several units and one 1,100 sq ft unit); Appliances included for all units as noted; tenants' personal property excluded
• Financial info: Multi-family property (7 units); Improvement value listed in records

Exterior

• Parking: One outside parking space
• Utilities: Municipal water; Municipal sewer; Separate electric meters
• Home design: Apartment building, 2-story; 1–2 stories
• Construction: 0.37 acre lot
• Exterior features: Aluminum/steel exterior; Zoned residential

Interior

• Kitchen: Refrigerators included (7); Dishwashers included (7); Oven/Range included (7)
• Bedrooms: Seven units with 2 bedrooms each (Units 1–4 listed; total units: 7)
• Bathrooms: Mostly full bathrooms; some units include a half bath (Unit 4 has 1 half bath)
• Heating & cooling: Radiant electric heating; Natural gas available
• Interior features: Partial basement with crawl space and poured concrete
• Laundry & utility: Separate electric meters

What this means for you Summary

Snapshot

• This is a 7 × 2-bed/1-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $-165 ($-2k/yr) — negative. Per door: $-24/mo.
• To cash-flow at today's rent, offer at most $1.07M (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $929k (15.6% below list).
• Recommended offer: $929k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sandburg Elementary (392 students, 64% FRL); Sherman Middle (math 17% / reading 27%, grade F, #336 of 383 statewide, top 89%, 401 students, 58% FRL); East High (math 32% / reading 42%, grade F, #123 of 483 statewide, top 28%, 1,649 students, 55% FRL).
• Market conditions: Rents rising (+1.1%/yr); 140 active listings in the ZIP; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $9,286/mo this rent would consume 151% of the median local household income ($74k/yr) (locally 2064% 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 $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $315k; list at $1.10M implies a 249% gain — meaningful room to come down on a strong offer.

Recommended offer $928,600 (15.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 1971 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.33×
• Total profit: $-205,747
• Equity at exit: $163,999

10-year hold

• IRR: -16.5%
• Equity multiple: 0.16×
• Total profit: $-259,851
• Equity at exit: $95,099

Cash invested: $307,972 (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 53704

• Rents YoY: 1.1%
• Active inventory: 140
• Price-to-rent: 69.1×

Monthly cashflow live

• Estimated rent: $9,286 high
• Mortgage (P&I): −$5,768
• Tax from tax record: −$1,275 /mo · $15,300/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,950
• Net cashflow: $-165

Break-even live

Break-even rent $9,495

Max offer price $1,070,688

Occupancy floor 97%

Sensitivity live

Price	-10% $457	-5% $146	+0% $-165	+5% $-477	+10% $-788
Rent	-10% $-899	-5% $-532	+0% $-165	+5% $201	+10% $568
Rate	-1.0pp $389	-0.5pp $114	base $-165	+0.5pp $-450	+1.0pp $-740

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$9,289
Total (7 units)			$9,286

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: $274,975
• Closing costs: $32,997
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $1,099,900 Active 20 DOM
2. 2026-06-18
   days on market $1,099,900 Active 17 DOM
3. 2026-06-17
   days on market $1,099,900 Active 16 DOM
4. 2026-06-16
   days on market $1,099,900 Active 15 DOM
5. 2026-06-15
   days on market $1,099,900 Active 14 DOM
6. 2026-06-14
   days on market $1,099,900 Active 12 DOM
7. 2026-06-13
   days on market $1,099,900 Active 11 DOM
8. 2026-06-10
   days on market $1,099,900 Active 9 DOM
9. 2026-06-09
   days on market $1,099,900 Active 8 DOM
10. 2026-06-08
    days on market $1,099,900 Active 7 DOM
11. 2026-06-07
    days on market $1,099,900 Active 6 DOM
12. 2026-06-03
    days on market $1,099,900 Active 2 DOM
13. 2026-06-01
    remarks 536-char remark
14. 2026-06-01
    listed $1,099,900 Active 1 DOM

ⓘ 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: $15,300 · $1,275/mo
• Projected year-2 tax: $17,824 · $1,485/mo
• Expected delta: +$2,524/yr (+$210/mo · 16.5%)

ⓘ 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 ≥100°F today · 14 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: $111,432
• − Mortgage interest: −$61,612
• − Property taxes: −$15,300
• − Insurance: −$5,500
• − Repairs & maintenance: −$8,915
• − Management: −$8,915
• − Depreciation: −$31,997
• Taxable loss: −$20,805
• Est. tax savings @ 24.0%: +$4,993
• After-tax cash flow: $3,009/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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 46,730
• Household income: $74,034
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 2064.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 13% Black 11% Hispanic / Latino 10% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -440.26%
• Current HPI: 293.4723
• Rent YoY: ▲ 1.14%
• Metro: Madison, 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

+249.2% since first listed

2 events — show timeline

• 2026-06-01 Listed $1,099,900 SCWMLS
• 2001-01-26 Sold (Public Records) $315,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $15,300 · +16.3% YoY. Source: county tax records.