229 N Ludington St · Columbus, WI 53925

$874,000

6 bd · 4.5 ba · 6,019 sqft · MultiFamily · 58 Days on market

Built 1868 Good condition 0.53 ac lot $145/sqft · 7% below area Est $940k · 7% under ↓ 3% since listing

---

Why this score? — see what drove the F 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).

• ARV discount +10.7/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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 MLS

Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

Key facts

• Attached garage
• Zoned residential
• Outdoor parking

Tags

• HISTORIC MANSION
• ZONED RESIDENTIAL
• SPACIOUS SINGLE-FAMILY HOME
• ATTACHED GARAGE
• DETACHED GARAGE
• OUTDOOR PARKING

Property features AI

Finance

• Other: Property zoned B-1; Lot size approximately 0.53 acre; Inclusions note: main unit and rental units include stove/oven, refrigerator, microwave, washer and dryer; dishwasher included in main unit; commercial washer and dryer noted for commercial portion; Exclusions note: tenants' personal property

Exterior

• Parking: Three garage parking spaces total; Combination of attached and detached garages with openers (options listed as 2-car and 3-car)
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family, 2-story home; Estimated above-grade finished area over 5,000; Brick exterior
• Construction: Block foundation (basement described as block); Brick construction
• Exterior features: Patio; Sidewalks

Interior

• Kitchen: Kitchen with island; Range/oven; Refrigerator; Dishwasher; Microwave (included per listing)
• Bedrooms: Main-level primary bedroom (14 x 18); Main-level bedroom (11 x 15); Upper-level bedroom (11 x 12); Upper-level bedroom (11 x 12); Upper-level bedroom (11 x 12); Upper-level bonus room (12 x 14)
• Bathrooms: Four full bathrooms; One half bathroom; No master bedroom bath
• Heating & cooling: Radiant heating; Natural gas fuel; Window A/C unit
• Interior features: Cable/satellite available; High-speed internet; Partial walk-out basement with block construction
• Laundry & utility: Washer and dryer (units and commercial washer/dryer included per listing)

What this means for you Summary

Snapshot

• This is a 6-bed/4.5-bath multifamily listed at $874k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-5k ($-59k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (81.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (83.5% below list).
• Recommended offer: $144k (83.5% below list) — sets the bar for 1% rule.
• Cap rate -0.4% vs local median 1.6% in Columbus — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 80/100 on livability (#71 in WI, #1,924 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Columbus School District (town): math 30% / reading 33% proficiency, ranked #253 of 342 in WI (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Columbus Elementary (438 students, 35% FRL); Columbus Middle (math 26% / reading 37%, grade F, #245 of 383 statewide, top 65%, 265 students, 30% FRL); Columbus High (math 27% / reading 32%, grade F, #228 of 483 statewide, top 52%, 385 students, 20% FRL).
• Market conditions: 49 active listings in the ZIP; 219 units permitted in Columbia County in 2024 (45 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Columbia County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($848k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,275 (83.5% 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. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 83% concession, seller financing, or rate buy-down credit?
3. Built in 1868 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.17% ✗
• Cap rate: -0.44%
• Cash-on-cash: -24.03%
• DSCR: -0.07
• GRM: 50.5

CMA / ARV

• ARV (median comp): $940,000
• List price: $874,000
• Delta: -7.02%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -69.4%
• Equity multiple: -0.85×
• Total profit: $-453,703
• Equity at exit: $130,316

10-year hold

• IRR: —
• Equity multiple: -2.26×
• Total profit: $-796,866
• Equity at exit: $75,568

Cash invested: $244,720 (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 53925

• Home prices YoY: -7.3%
• Active inventory: 49
• Price-to-rent: 50.5×

Monthly cashflow live

• Estimated rent: $1,443 medium
• Mortgage (P&I): −$4,583
• Tax est. 1.5%: −$1,092 /mo · $13,110/yr
• Insurance: −$364
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-4,900

Break-even live

Break-even rent $7,646

Max offer price $164,927

Occupancy floor —

Sensitivity live

Price	-10% $-4,296	-5% $-4,598	+0% $-4,900	+5% $-5,202	+10% $-5,504
Rent	-10% $-5,014	-5% $-4,957	+0% $-4,900	+5% $-4,843	+10% $-4,786
Rate	-1.0pp $-4,460	-0.5pp $-4,678	base $-4,900	+0.5pp $-5,127	+1.0pp $-5,357

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: $218,500
• Closing costs: $26,220
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-23
   days on market $874,000 Active 58 DOM
2. 2026-06-21
   days on market $874,000 Active 57 DOM
3. 2026-06-18
   days on market $874,000 Active 54 DOM
4. 2026-06-17
   days on market $874,000 Active 53 DOM
5. 2026-06-16
   days on market $874,000 Active 52 DOM
6. 2026-06-15
   days on market $874,000 Active 51 DOM
7. 2026-06-14
   days on market $874,000 Active 49 DOM
8. 2026-06-10
   days on market $874,000 Active 46 DOM
9. 2026-06-09
   days on market $874,000 Active 45 DOM
10. 2026-06-08
    days on market $874,000 Active 44 DOM
11. 2026-06-07
    days on market $874,000 Active 43 DOM
12. 2026-06-03
    days on market $874,000 Active 39 DOM
13. 2026-06-02
    days on market $874,000 Active 38 DOM
14. 2026-06-01
    days on market $874,000 Active 37 DOM
15. 2026-05-31
    days on market $874,000 Active 36 DOM
16. 2026-05-31
    days on market $874,000 Active 35 DOM
17. 2026-04-25
    historical 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

18. 2026-04-25
    historical 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

19. 2026-04-25
    listed $874,000 Active

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

20. 2026-04-25
    listed $874,000 Active

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

21. 2026-01-21
    price $874,000 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

22. 2026-01-21
    price $874,000 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

23. 2025-05-02
    listed $899,000 Active 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

24. 2025-05-02
    listed $899,000 Active 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

25. 2025-04-28
    historical $899,000 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

26. 2025-04-28
    historical $899,000 876-char remark

    Show marketing remark (876 chars)

    Envision residing in an exquisite historic mansion that offers boundless possibilities. This exceptional property can be developed into a versatile living environment?ideal for accommodating multi-generational living, or for those seeking to combine their professional & personal spaces, as it has 4 sources of income and is zoned residential. This outstanding property, spanning over 6,000 sq ft, currently houses a successful massage therapy business, a spacious single-family home, & 3 rental apartments. Attached 3-car garage, a detached 2-car garage, & ample outdoor parking. Situated on more than half an acre, this property benefits from proximity to downtown, the Amtrak station, & convenient access to major highways. This multi-family property can be effortlessly transformed to a single family home by reconfiguring several internal partitions.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,313
• − Mortgage interest: −$48,958
• − Property taxes: −$13,110
• − Insurance: −$4,370
• − Repairs & maintenance: −$1,385
• − Management: −$1,385
• − Depreciation: −$25,425
• Taxable loss: −$77,320
• Est. tax savings @ 24.0%: +$18,557
• After-tax cash flow: $-40,246/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

Good 80/100 Cosmetic rehab

This historic multi-family home is in good condition with cosmetic updates needed to enhance its curb appeal and interior spaces.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet in living areas — Freshens spaces and improves comfort
• Resale Update kitchen backsplash — Modernizes kitchen and adds value
• Both Install smart home devices — Improves convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet in living areas — Freshens spaces and improves comfort ↑
• Resale Update kitchen backsplash — Modernizes kitchen and adds value ↑
• Both Install smart home devices — Improves convenience and marketability ↑

ⓘ 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: Columbus School District
• NCES district ID: 5502820
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $61,054
• Composite: 28.5/100
• National rank: #6738
• State rank: #253 of 342 in WI

Livability — Columbus

• Score: 80/100
• State rank: #71
• US rank: #1924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, WI
• Population (ZIP): 8,956

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 56,322 people
• By 2030: 55,530 · -1.4%
• By 2040: 53,204 · -5.5%
• By 2050: 50,388 · -10.5%
• By 2075: 44,799 · -20.5%
• By 2100: 38,207 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Portuguese 9% Romanian 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Guatemala
• Languages at home: 95% English-only · Spanish 2%

Political lean MEDSL · Columbia

• 2024 margin: Toss-up / Even · D 47.0% · R 51.6% · Other 1.3%
• 2008→2024 swing: -19.9pp toward R · 2008: 15.3pp · 2024: -4.6pp
• All cycles: 2024: R+4.6 2020: R+1.5 2016: R+2.2 2012: D+13.6 2008: D+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -27.52%
• Current HPI: 350.137
• 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

-2.8% since first listed

10 events — show timeline

• 2026-04-25 Listing Removed — SCWMLS
• 2026-04-25 Listing Removed — SCWMLS
• 2026-04-25 Listed $874,000 SCWMLS
• 2026-04-25 Listed $874,000 SCWMLS
• 2026-01-21 Price Changed $874,000 SCWMLS
• 2026-01-21 Price Changed $874,000 SCWMLS
• 2025-05-02 Listed $899,000 SCWMLS
• 2025-05-02 Listed $899,000 SCWMLS
• 2025-04-28 Coming Soon $899,000 SCWMLS
• 2025-04-28 Coming Soon $899,000 SCWMLS