508 Ferry St Unit 1,2,3,4 · Eau Claire, WI 54703

$375,000

6 bd · 2.1 ba · 3,038 sqft · MultiFamily · 86 Days on market

Built 1901 Good condition $123/sqft · 25% above area Est $299k · 25% over

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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 +18.2/30.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +4.5/5.0
• Condition / age +3.8/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• ARV discount +0.0/15.0
• 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

Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

Key facts

• Tastefully updated
• 4-unit building
• Total rents of $3

Tags

• MULTI-FAMILY INVESTMENT
• 4-UNIT BUILDING
• TOTAL RENTS OF $3
• 830/MO
• PROVEN RENTAL HISTORY
• TASTEFULLY UPDATED

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $375k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive. Per door: $113/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $371k (1.1% below list).
• Recommended offer: $352k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.5% 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.
• Zoned schools: Lakeshore Elementary (math 37% / reading 37%, grade F, #562 of 1,041 statewide, top 58%, 328 students, 57% FRL); Delong Middle (math 32% / reading 42%, grade F, #175 of 383 statewide, top 48%, 893 students, 44% FRL); Memorial High (math 49% / reading 60%, grade C-, #21 of 483 statewide, top 5%, 1,552 students, 27% FRL).
• Market conditions: Rents rising (+2.0%/yr); 215 active listings in the ZIP; 583 units permitted in Eau Claire County in 2024 (325 in 5+ unit buildings).
• At $3,710/mo this rent would consume 62% 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $298k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $352,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1901 — 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. 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?
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: 0.99% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $299,434
• List price: $375,000
• Delta: 25.24%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2036-2038 Crescent Ave Unit 1-2	0.24mi	6/2.0	2,658 (-12%)	23mo	$258,800	$97	48

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: -11.3%
• Equity multiple: 0.59×
• Total profit: $-42,756
• Equity at exit: $55,914

10-year hold

• IRR: -3.6%
• Equity multiple: 0.77×
• Total profit: $-23,893
• Equity at exit: $32,423

Cash invested: $105,000 (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 54703

• Rents YoY: 2.0%
• Active inventory: 215
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $3,710 high
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $339

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 86%

Sensitivity live

Price	-10% $599	-5% $469	+0% $339	+5% $210	+10% $80
Rent	-10% $46	-5% $193	+0% $339	+5% $486	+10% $632
Rate	-1.0pp $528	-0.5pp $435	base $339	+0.5pp $242	+1.0pp $143

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,711
Total (3 units)			$3,710

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $375,000 Active 86 DOM
2. 2026-06-19
   days on market $375,000 Active 84 DOM
3. 2026-06-18
   days on market $375,000 Active 83 DOM
4. 2026-06-17
   days on market $375,000 Active 82 DOM
5. 2026-06-16
   days on market $375,000 Active 81 DOM
6. 2026-06-15
   days on market $375,000 Active 80 DOM
7. 2026-06-13
   days on market $375,000 Active 77 DOM
8. 2026-06-10
   days on market $375,000 Active 75 DOM
9. 2026-06-09
   days on market $375,000 Active 74 DOM
10. 2026-06-08
    days on market $375,000 Active 73 DOM
11. 2026-06-07
    days on market $375,000 Active 72 DOM
12. 2026-06-05
    days on market $375,000 Active 69 DOM
13. 2026-06-02
    days on market $375,000 Active 67 DOM
14. 2026-06-01
    days on market $375,000 Active 66 DOM
15. 2026-05-31
    days on market $375,000 Active 65 DOM
16. 2026-05-30
    days on market $375,000 Active 64 DOM
17. 2026-05-06
    price $375,000 492-char remark

    Show marketing remark (492 chars)

    Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

18. 2026-04-20
    status Active 492-char remark

    Show marketing remark (492 chars)

    Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

19. 2026-04-18
    historical 492-char remark

    Show marketing remark (492 chars)

    Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

20. 2026-04-03
    historical Contingent 492-char remark

    Show marketing remark (492 chars)

    Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

21. 2026-03-25
    listed $380,000 Active 492-char remark

    Show marketing remark (492 chars)

    Strong multi-family investment ? 4-unit building with total rents of $3,830/mo and a proven rental history. Three units have been tastefully updated with new flooring, fresh paint and other improvements; one unit needs minor work when vacated, offering upside. Exterior professionally painted in 2025 and partial electrical upgrades including a new panel provide added peace of mind. Convenient location, low vacancy history ? excellent turnkey cashflow opportunity. Schedule a showing today!

22. 2024-05-09
    soldstatus $297,500 Sold 244-char remark

    Show marketing remark (244 chars)

    Convenient location, close to I94, bike trails and hospitals. Strong investment property opportunity. Great rental history, never an issue getting new renters! Laundry in basement for tenant's use. Total rent for the unit is $3,245. per month.

23. 2024-04-04
    historical Contingent 244-char remark

    Show marketing remark (244 chars)

    Convenient location, close to I94, bike trails and hospitals. Strong investment property opportunity. Great rental history, never an issue getting new renters! Laundry in basement for tenant's use. Total rent for the unit is $3,245. per month.

24. 2024-03-25
    listed $315,000 Active 244-char remark

    Show marketing remark (244 chars)

    Convenient location, close to I94, bike trails and hospitals. Strong investment property opportunity. Great rental history, never an issue getting new renters! Laundry in basement for tenant's use. Total rent for the unit is $3,245. per month.

ⓘ 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 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: $44,520
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,562
• − Management: −$3,562
• − Depreciation: −$10,909
• Taxable loss: −$2,018
• Est. tax savings @ 24.0%: +$484
• After-tax cash flow: $4,557/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with recent updates, including new flooring, paint, and HVAC. It offers a strong rental history and is ready for immediate occupancy.

Value-add opportunities

• Both new paint — enhances curb appeal and interior aesthetics
• Both new flooring — improves functionality and appearance
• Both new kitchen appliances — enhances functionality and appeal
• Both new bathroom fixtures — enhances functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both new paint — enhances curb appeal and interior aesthetics ↑
• Both new flooring — improves functionality and appearance ↑
• Both new kitchen appliances — enhances functionality and appeal ↑
• Both new bathroom fixtures — enhances functionality and appeal ↑

ⓘ 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: 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

+19.0% since first listed

8 events — show timeline

• 2026-05-06 Price Changed $375,000 RANWW
• 2026-04-20 Relisted — RANWW
• 2026-04-18 Listing Removed — RANWW
• 2026-04-03 Contingent — RANWW
• 2026-03-25 Listed $380,000 RANWW
• 2024-05-09 Sold (MLS) $297,500 RANWW
• 2024-04-04 Contingent — RANWW
• 2024-03-25 Listed $315,000 RANWW