502 Adams St · Neenah, WI 54956

$139,900

3 bd · 2.0 ba · 1,374 sqft · MultiFamily public records · 1 Days on market

Built 1910 5,908 sqft lot Est $224k · 38% under

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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 +4.4/5.0
• Schools +4.1/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Located near downtown Neenah, this duplex offers an opportunity for investors or owner-occupants. The lower unit includes 1 bedroom and 1 full bath. The upper unit includes 2 bedrooms and 1 full bath, with a functional layout. Includes a detached 2-car garage. Property to be sold "as is"

Key facts

• 5,908 sq ft lot
• Built 1910

Property features AI

Finance

• Other: Listing includes 2 refrigerators and 2 oven/ranges; Seller personal property excluded
• Financial info: Property is a 2-unit building

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family duplex; 1.5-story / Bi-level design; Estimated total living area between 1,251 and 1,500 sq ft
• Construction: Block basement
• Exterior features: Aluminum/steel and vinyl exterior; Lot size about 0.14 acres; Zoned for 2-family/duplex

Interior

• Kitchen: Unit 1: Includes refrigerator and oven/range; Unit 2: Includes refrigerator and oven/range; kitchen approx. 15 x 8
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms (master approx. 12 x 10; second bedroom approx. 12 x 10)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Full basement with block construction
• Laundry & utility: Separate electric meters; Separate gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Cap rate 16.0% vs local median 2.9% in Neenah — 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 88/100 on livability (#15 in WI, #212 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Neenah Joint School District (urban): math 47% / reading 46% proficiency, ranked #72 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Neenah High (math 41% / reading 60%, grade D+, #31 of 483 statewide, top 6%, 1,943 students, 28% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 89 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• This rent runs 36% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $73k; list at $140k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — 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. 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 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: 1.85% ✓
• Cap rate: 15.95%
• Cash-on-cash: 34.49%
• DSCR: 2.53
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $223,962
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 Adams St	0.00mi	3/2.0	1,374 (0%)	1mo	$144,000	$105	99
612 Knight Ave	0.23mi	4/2.0 (+1)	1,575 (+15%)	1mo	$256,120	$163	59
831 S Commercial St	0.72mi	4/2.0 (+1)	1,562 (+14%)	4mo	$276,000	$177	35

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 · 2.34% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.21×
• Total profit: $47,346
• Equity at exit: $20,860

10-year hold

• IRR: 36.2%
• Equity multiple: 4.23×
• Total profit: $126,695
• Equity at exit: $12,096

Cash invested: $39,172 (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 54956

• Rents YoY: 2.3%
• Active inventory: 89
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,588 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $1,126

Break-even live

Break-even rent $1,163

Max offer price $139,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,588
Total (2 units)			$2,588

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 S Commercial St Unit 109 Neenah, WI	2.0	1.0	1010	$999	$0.99	21d	1	0.46mi
702 S Commercial St Neenah, WI	2.0	1.0	905	$1,024	$1.13	13d	2	0.46mi
671 S Western Ave Unit 207 Neenah, WI	2.0	1.0	900	$1,049	$1.17	21d	1	0.51mi
413 Green St Neenah, WI	2.0	2.0	1250	$1,550	$1.24	21d	1	1.11mi
1227 Doctors Dr Unit 9 Neenah, WI	2.0	1.0	900	$1,049	$1.17	13d	1	1.15mi
1227 Doctors Dr Unit 5 Neenah, WI	2.0	1.0	900	$999	$1.11	13d	1	1.15mi
1 Main St Unit 401 Menasha, WI	2.0	1.5	1142	$1,625	$1.42	21d	1	1.42mi
1 Main St Unit 208 Menasha, WI	2.0	2.0	1046	$1,600	$1.53	21d	1	1.43mi
1 Main St Unit 301 Menasha, WI	2.0	1.0	966	$1,550	$1.60	21d	1	1.43mi
1 Main St Unit 201 Menasha, WI	2.0	1.0	966	$1,500	$1.55	21d	1	1.43mi
1 Main St Unit 312 Menasha, WI	2.0	2.0	1209	$1,700	$1.41	21d	1	1.43mi

Listing history 3 events

1. 2026-05-02
   status Pending
2. 2026-05-01
   listed $139,900 Active
3. 2009-07-08
   soldstatus $73,000

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $2,054 · $171/mo
• Expected delta: +$534/yr (+$45/mo · 35.2%)

ⓘ 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 ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,056
• − Mortgage interest: −$7,837
• − Property taxes: −$1,519
• − Insurance: −$700
• − Repairs & maintenance: −$2,484
• − Management: −$2,484
• − Depreciation: −$4,070
• Taxable income: $11,962
• Est. tax owed @ 24.0%: −$2,871
• After-tax cash flow: $10,641/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: Neenah Joint School District
• NCES district ID: 5510320
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $60,279
• Composite: 40.88/100
• National rank: #3625
• State rank: #72 of 342 in WI

Livability — Neenah

• Score: 88/100
• State rank: #15
• US rank: #212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Neenah, WI
• County: Winnebago County · 155,689 people
• City population: 46,567
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 46,567
• Household income: $85,869
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 1010.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 9% Portuguese 6% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.08%
• Current HPI: 193.2339
• Rent YoY: ▲ 2.34%
• Metro: Oshkosh-Neenah, 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

+91.6% since first listed

3 events — show timeline

• 2026-05-02 Pending — RANW
• 2026-05-01 Listed $139,900 RANW
• 2009-07-08 Sold (Public Records) $73,000 Public Records

Property tax history

-0.4%/yr

Latest (2024): $1,519 · +3.7% YoY. Source: county tax records.