1903 Water St Unit 1903 A & B Water St · Stevens Point, WI 54481

$229,900

5 bd · 2.0 ba · — sqft · MultiFamily · 23 Days on market

Built 1900 Fair condition

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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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +6.0/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Large duplex in the heart of town or it could be converted back to a spacious single family home. The property does have 1 long term tenant and 1 vacant unit. 2 car garage was built in 2013 and 2 new furnaces were installed in 2024. The seller has purchased vinyl plank flooring for the upper unit, but there are hardwood floors in both units and we assume that the new owner might want them refinished instead. This one will take some work to bring it around, but you will have a great property on a double lot just a few blocks from downtown and the university.

Key facts

• Double lot
• New furnaces
• 2 car garage

Tags

• 2 CAR GARAGE
• NEW FURNACES
• VINYL PLANK FLOORING
• HARDWOOD FLOORS
• DOUBLE LOT
• FEW BLOCKS FROM DOWNTOWN

Property features AI

Finance

• Financial info: Multi-family property (2 units)

Exterior

• Parking: 2-car garage (2 garage parking spaces total)
• Utilities: Municipal water; Municipal sewer; Master meter; Separate electric meters
• Home design: Duplex; 2-story
• Construction: Shingle roof
• Exterior features: Porch; Vinyl exterior

Interior

• Kitchen: Refrigerator; Range/Oven
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Ceiling fan(s); Smoke detector(s)

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $230k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.6% in Stevens Point — 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 85/100 on livability (#27 in WI, #490 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: employment D+.
• Stevens Point Area Public School District (town): math 36% / reading 38% proficiency, ranked #203 of 342 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary (math 42% / reading 32%, grade F, #562 of 1,041 statewide, top 58%, 271 students, 55% FRL); Stevens Point Area Senior High (math 31% / reading 31%, grade F, #204 of 483 statewide, top 43%, 1,462 students, 32% FRL).
• Market conditions: Rents rising (+3.6%/yr); 70 active listings in the ZIP; 255 units permitted in Portage County in 2024 (115 in 5+ unit buildings).
• At $2,518/mo this rent would consume 51% of the median local household income ($60k/yr) (locally 945% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $226,451 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — 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. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.46%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

No comps found within radius.

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1933 Main St	0.63mi	5/2.0	—	9mo	$220,000	—	50
1556 Church St	0.22mi	5/4.0	—	24mo	$224,000	—	49
2301-2303 Illinois Ave	0.70mi	4/2.0 (-1)	—	3mo	$235,000	—	48
1225 Portage St	0.65mi	4/1.0 (-1)	—	4mo	$160,000	—	45
1608 College Ave Unit 1610 Collage Avenue	0.57mi	5/2.0	—	20mo	$150,000	—	44
2017 Main St	0.65mi	4/4.0 (-1)	—	0mo	$274,900	—	44
2025 Ellis St #2027	0.57mi	6/2.0 (+1)	—	17mo	$195,000	—	42
1225 Franklin St Unit 1225A Franklin St	0.70mi	5/2.0	—	22mo	$235,000	—	36

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 · 3.64% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-10,080
• Equity at exit: $34,279

10-year hold

• IRR: 6.3%
• Equity multiple: 1.48×
• Total profit: $31,000
• Equity at exit: $19,878

Cash invested: $64,372 (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 54481

• Rents YoY: 3.6%
• Active inventory: 70
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,518 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $400

Break-even live

Break-even rent $2,011

Max offer price $229,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,518
Total (2 units)			$2,518

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $229,900 Active 23 DOM
2. 2026-06-18
   days on market $229,900 Active 22 DOM
3. 2026-06-17
   days on market $229,900 Active 21 DOM
4. 2026-06-16
   days on market $229,900 Active 20 DOM
5. 2026-06-15
   days on market $229,900 Active 19 DOM
6. 2026-06-14
   days on market $229,900 Active 17 DOM
7. 2026-06-12
   days on market $229,900 Active 16 DOM
8. 2026-06-09
   days on market $229,900 Active 13 DOM
9. 2026-06-08
   days on market $229,900 Active 12 DOM
10. 2026-06-07
    days on market $229,900 Active 11 DOM
11. 2026-06-02
    days on market $229,900 Active 6 DOM
12. 2026-06-01
    days on market $229,900 Active 5 DOM
13. 2026-05-31
    days on market $229,900 Active 4 DOM
14. 2026-05-30
    days on market $229,900 Active 3 DOM
15. 2026-05-20
    listed $229,900 Active

ⓘ 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 ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,216
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,417
• − Management: −$2,417
• − Depreciation: −$6,688
• Taxable income: $1,217
• Est. tax owed @ 24.0%: −$292
• After-tax cash flow: $4,513/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

This property requires moderate renovations to bring it up to current standards, with a focus on the kitchen and bathrooms. Upgrades would significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major kitchen countertops — poor condition
• Major kitchen appliances — poor condition
• Major bathroom fixtures — poor condition
• Major bathroom plumbing — possibly outdated
• Major hardwood floors — need refinishing

Value-add opportunities

• Both new kitchen cabinets, countertops, and appliances — modernizing the kitchen would appeal to both buyers and renters
• Both new bathroom fixtures and plumbing — upgrading the bathrooms would improve both resale and rental value
• Both new flooring — refinished hardwood floors would enhance the home's appeal and value
• Both landscaping and curb appeal — improved landscaping would make the home more attractive and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
kitchen countertops · poor condition	Major	$15,000–50,000
kitchen appliances · poor condition	Major	$15,000–50,000
bathroom fixtures · poor condition	Major	$15,000–50,000
bathroom plumbing · possibly outdated	Major	$15,000–50,000
hardwood floors · need refinishing	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both new kitchen cabinets, countertops, and appliances — modernizing the kitchen would appeal to both buyers and renters ↑
• Both new bathroom fixtures and plumbing — upgrading the bathrooms would improve both resale and rental value ↑
• Both new flooring — refinished hardwood floors would enhance the home's appeal and value ↑
• Both landscaping and curb appeal — improved landscaping would make the home more attractive and increase its value ↑

ⓘ 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: Stevens Point Area Public School District
• NCES district ID: 5514490
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $50,284
• Composite: 32.03/100
• National rank: #5825
• State rank: #203 of 342 in WI

Livability — Stevens Point

• Score: 85/100
• State rank: #27
• US rank: #490

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stevens Point, WI
• County: Portage County · 43,112 people
• City population: 28,242
• Metro: Stevens Point, WI
• Population (ZIP): 28,242
• Household income: $59,545
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 945.0

Population outlook (Portage County) Hauer SSP2

• Today (2025): 71,902 people
• By 2030: 72,387 · +0.7%
• By 2040: 72,081 · +0.2%
• By 2050: 70,729 · -1.6%
• By 2075: 68,457 · -4.8%
• By 2100: 65,574 · -8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 4% Asian 4% Black 2%
• Common ancestry: Romanian 24% Portuguese 6% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 1%

Political lean MEDSL · Portage

• 2024 margin: Toss-up / Even · D 49.8% · R 48.6% · Other 1.6%
• 2008→2024 swing: -26.7pp toward R · 2008: 27.9pp · 2024: 1.2pp
• All cycles: 2024: D+1.2 2020: D+2.8 2016: D+3.2 2012: D+13.9 2008: D+27.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -181.29%
• Current HPI: 237.4151
• Rent YoY: ▲ 3.64%
• Metro: Stevens Point, 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

1 event — show timeline

• 2026-05-20 Listed $229,900 CWMLS