310 Condit St · Sparta, WI 54656

$105,000

4 bd · 1.0 ba · 1,200 sqft · SingleFamily · 283 Days on market

Built 1900 0.53 ac lot Est $208k · 49% under ↓ 44% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover the potential of this older home nestled on over half an acre of serene land. Located where the city meets the countryside, this property offers a rare blend of space, privacy, and possibility. Step into the lush backyard gardens, where a variety of flowers bloom throughout the seasons, creating a peaceful retreat that feels worlds away from the bustle of daily life. Whether you're dreaming of restoring this vintage home or envisioning a brand-new build tailored to your taste, this property is your canvas. Don't miss your chance to own a slice of tranquility with endless potential. Schedule your showing today!

Key facts

• Variety of flowers
• Half an acre
• 0.53 acre lot

Tags

• HALF AN ACRE
• LUSH BACKYARD GARDENS
• VARIETY OF FLOWERS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 5.3% in Sparta — 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 77/100 on livability (#124 in WI, #3,230 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Sparta Area School District (town): math 22% / reading 30% proficiency, ranked #302 of 342 in WI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $726 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 283 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $82k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.24% ✓
• Cap rate: 18.43%
• Cash-on-cash: 43.34%
• DSCR: 2.93
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $207,600
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 Condit St	0.00mi	4/1.0	1,200 (0%)	1mo	$80,000	$67	99
401 E Montgomery St	0.24mi	4/2.0	1,302 (+8%)	0mo	$202,000	$155	70
1104 Armory Rd	0.16mi	3/4.0 (-1)	1,200 (0%)	12mo	$270,000	$225	65
617 Pine St	0.49mi	3/1.5 (-1)	1,355 (+13%)	6mo	$235,000	$173	43
400 Merrill St	0.63mi	3/1.5 (-1)	1,100 (-8%)	12mo	$234,900	$214	40
215 N Court St	0.53mi	3/1.5 (-1)	1,332 (+11%)	18mo	$202,000	$152	35
409 Central Ave	0.69mi	3/2.0 (-1)	1,266 (+6%)	20mo	$180,000	$142	33
112 N Tyler St	0.56mi	3/1.0 (-1)	1,039 (-13%)	21mo	$193,289	$186	29

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: 40.2%
• Equity multiple: 2.72×
• Total profit: $50,691
• Equity at exit: $15,656

10-year hold

• IRR: 46.6%
• Equity multiple: 5.47×
• Total profit: $131,539
• Equity at exit: $9,078

Cash invested: $29,400 (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 54656

• Active inventory: 70
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$200 /mo · $2,404/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $1,062

Break-even live

Break-even rent $1,006

Max offer price $105,000

Occupancy floor 50%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 Stelting St Sparta, WI	3.0	2.0	1368	$2,350	$1.72	14d	1	1.21mi

Listing history 9 events

1. 2026-04-06
   status Pending
2. 2026-04-04
   price $105,000
3. 2026-04-04
   status Active
4. 2026-03-19
   status Pending
5. 2025-12-04
   price $138,000
6. 2025-10-23
   price $143,000
7. 2025-09-07
   price $155,000
8. 2025-07-25
   price $162,000
9. 2025-06-11
   listed $187,000 Active

ⓘ 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: $2,404 · $200/mo
• Projected year-2 tax: $2,404 · $200/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,200
• − Mortgage interest: −$5,882
• − Property taxes: −$2,404
• − Insurance: −$525
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$3,055
• Taxable income: $11,823
• Est. tax owed @ 24.0%: −$2,838
• After-tax cash flow: $9,904/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: Sparta Area School District
• NCES district ID: 5514160
• Math proficiency: 22% ▼ -9.00%
• Reading proficiency: 30% ▼ -2.00%
• Median HH income: $51,340
• Composite: 22.99/100
• National rank: #7982
• State rank: #302 of 342 in WI

Livability — Sparta

• Score: 77/100
• State rank: #124
• US rank: #3230

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, WI
• Population (ZIP): 18,068

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% Hispanic / Latino 6% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 14% Romanian 4% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 0%

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: ▼ -154.23%
• Current HPI: 214.4606
• 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

-43.9% since first listed

9 events — show timeline

• 2026-04-06 Pending — METROMLS
• 2026-04-04 Price Changed $105,000 METROMLS
• 2026-04-04 Relisted — METROMLS
• 2026-03-19 Pending — METROMLS
• 2025-12-04 Price Changed $138,000 METROMLS
• 2025-10-23 Price Changed $143,000 METROMLS
• 2025-09-07 Price Changed $155,000 METROMLS
• 2025-07-25 Price Changed $162,000 METROMLS
• 2025-06-11 Listed $187,000 METROMLS

Property tax history

+3.7%/yr

Latest (2025): $2,404 · +8.3% YoY. Source: county tax records.