609 Prairie St · Pepin, WI 54759

$149,900

2 bd · 1.0 ba · 640 sqft · Other · 9 Days on market

Built 1960 5,662 sqft 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).

• Appreciation +8.4/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.9/10.0

Listing remarks MLS

Totally gutted and remodeled home in walking distance to Lake Pepin provides inexpensive living all on 1 level! Remodeled about 2.5 years ago down to the studs with new electrical, plumbing, siding, roof, windows, doors, insulation, sheetrock, porch - everything! Low maintenance property is ideal for affordable living, rental, weekend retreat and has been successfully used as a VRBO the past 2 years. Single car detached. Convenient location in walking distance to all historic Pepin has to offer!

Key facts

• Spacious yard
• All appliances stay
• 5,662 sq ft lot

Tags

• SPACIOUS YARD
• ALL APPLIANCES STAY

Property features AI

Finance

• Financial info: Annual taxes reported (2025): $1,576

Exterior

• Parking: Other parking
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential property; Single-story; Slab foundation
• Construction: 640 foundation area
• Exterior features: Lot approximately 0.13 acres (155 x 38); Alley access from 7th Street

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: No basement; One level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $-157 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (18.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (30.5% below list).
• Recommended offer: $104k (30.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#468 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Pepin Area School District (rural): math 50% / reading 50% proficiency, ranked #118 of 426 in WI (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 active listings in the ZIP; 24 units permitted in Pepin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.7% local appreciation)).
• Pepin County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $77k; list at $150k implies a 95% gain — meaningful room to come down on a strong offer.

Recommended offer $104,134 (30.5% 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.69% ✗
• Cap rate: 5.03%
• Cash-on-cash: -4.50%
• DSCR: 0.80
• GRM: 12.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.95×
• Total profit: $39,800
• Equity at exit: $101,205

10-year hold

• IRR: 13.8%
• Equity multiple: 3.94×
• Total profit: $123,437
• Equity at exit: $189,873

Cash invested: $41,972 (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 54759

• Home prices YoY: 2.8%
• Active inventory: 21
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,041 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$131 /mo · $1,576/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $-157

Break-even live

Break-even rent $1,240

Max offer price $122,123

Occupancy floor —

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-15
   statusdays on market $149,900 Pending 9 DOM
2. 2026-06-13
   days on market $149,900 Active 8 DOM
3. 2026-06-12
   days on market $149,900 Active 7 DOM
4. 2026-06-09
   days on market $149,900 Active 4 DOM
5. 2026-06-08
   days on market $149,900 Active 3 DOM
6. 2026-06-08
   remarks 198-char remark
7. 2026-06-08
   listed $149,900 Active 2 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: $1,576 · $131/mo
• Projected year-2 tax: $2,175 · $181/mo
• Expected delta: +$598/yr (+$50/mo · 38.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 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: $12,496
• − Mortgage interest: −$8,397
• − Property taxes: −$1,576
• − Insurance: −$750
• − Repairs & maintenance: −$1,000
• − Management: −$1,000
• − Depreciation: −$4,361
• Taxable loss: −$4,586
• Est. tax savings @ 24.0%: +$1,101
• After-tax cash flow: $-786/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: Pepin Area School District
• NCES district ID: 5511580
• Math proficiency: 50% ▲ 5.00%
• Reading proficiency: 50% ▲ 15.00%
• Median HH income: $50,585
• Composite: 44.86/100
• National rank: #5919
• State rank: #118 of 426 in WI

Livability — Pepin

• Score: 66/100
• State rank: #468
• US rank: #11870

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pepin, WI
• Population (ZIP): 1,439

Population outlook (Pepin County) Hauer SSP2

• Today (2025): 6,829 people
• By 2030: 6,517 · -4.6%
• By 2040: 5,781 · -15.3%
• By 2050: 5,058 · -25.9%
• By 2075: 3,998 · -41.5%
• By 2100: 3,218 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Black 1%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Pepin

• 2024 margin: Strong R (+29.3) · D 35.0% · R 64.3%
• 2008→2024 swing: -42.2pp toward R · 2008: 12.9pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+26.4 2016: R+23.6 2012: D+2.2 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.73%
• Current HPI: 245.6875
• 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

+499.6% since first listed

6 events — show timeline

• 2026-06-04 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-31 Sold (MLS) $77,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2018-03-13 Price Changed $84,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-02-14 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-04-30 Sold (Public Records) $25,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,576 · +7.0% YoY. Source: county tax records.