1208 Mason St · Rhinelander, WI 54501

$99,000

None bd · None ba · — sqft · Other · 51 Days on market

7,492 sqft lot Est $152k · 35% under

---

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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +7.0/10.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

City Triplex close to Hodag Park. Features 2 - One Bedroom Apartments, and 1 - Two Bedroom Apartment. Rents are 450.00, 450.00, and 500.00. Rents have been the same for 7 years. Good income potential. There is a dry basement which 2 apartments can use. Leases are month to month. Seller is paying water and gas bill. Tenants pay electric.

Key facts

• Prime location
• Multi-unit property
• Near hodag park

Tags

• NEAR HODAG PARK
• PRIME LOCATION
• MULTI-UNIT PROPERTY
• HIGHLY DESIRABLE AREA

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential income property; Triplex
• Construction: Frame construction
• Exterior features: City street frontage; Road maintained by public agencies

Interior

• Heating & cooling: Natural gas heating
• Interior features: No fireplace

🏷️ Possibly a rental listed for sale. The $99,000 price doesn't fit this home's estimated sale value (~$152,297) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a other listed at $99k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.9% in Rhinelander — 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 (#112 in WI, #2,876 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• Rhinelander School District (rural): math 31% / reading 31% proficiency, ranked #266 of 342 in WI (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 113 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 307 units permitted in Oneida County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Oneida County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $85k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.20% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.25%
• DSCR: 1.46
• GRM: 6.9

CMA / ARV

• ARV (median comp): $152,297
• List price: $99,000
• Delta: -35.00%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-931
• Equity at exit: $14,761

10-year hold

• IRR: 8.8%
• Equity multiple: 1.68×
• Total profit: $18,732
• Equity at exit: $8,560

Cash invested: $27,720 (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 54501

• Active inventory: 113
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,191 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$144 /mo · $1,727/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $237

Break-even live

Break-even rent $892

Max offer price $99,000

Occupancy floor 75%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
942 N Stevens St Rhinelander, WI	2.0	1.0	800	$1,275	$1.59	43d	1	0.26mi
28 N Brown St Rhinelander, WI	1.0	1.0	454	$725	$1.60	43d	4	0.97mi
224 Maple Park Dr Rhinelander, WI	3.0	1.5	1000	$1,375	$1.38	43d	1	1.18mi

Listing history 28 events

1. 2026-06-18
   days on market $99,000 Active 51 DOM
2. 2026-06-17
   days on market $99,000 Active 50 DOM
3. 2026-06-16
   days on market $99,000 Active 49 DOM
4. 2026-06-15
   days on market $99,000 Active 48 DOM
5. 2026-06-15
   days on market $99,000 Active 47 DOM
6. 2026-06-13
   days on market $99,000 Active 46 DOM
7. 2026-06-12
   days on market $99,000 Active 45 DOM
8. 2026-06-09
   days on market $99,000 Active 42 DOM
9. 2026-06-08
   days on market $99,000 Active 41 DOM
10. 2026-06-08
    days on market $99,000 Active 40 DOM
11. 2026-06-07
    days on market $99,000 Active 39 DOM
12. 2026-06-03
    days on market $99,000 Active 36 DOM
13. 2026-06-02
    days on market $99,000 Active 35 DOM
14. 2026-06-01
    days on market $99,000 Active 34 DOM
15. 2026-05-31
    days on market $99,000 Active 33 DOM
16. 2026-04-28
    listed $99,000 Active 604-char remark
17. 2022-04-29
    soldstatus $85,000
18. 2022-04-28
    soldstatus $85,000 338-char remark

    Show marketing remark (338 chars)

    City Triplex close to Hodag Park. Features 2 - One Bedroom Apartments, and 1 - Two Bedroom Apartment. Rents are 450.00, 450.00, and 500.00. Rents have been the same for 7 years. Good income potential. There is a dry basement which 2 apartments can use. Leases are month to month. Seller is paying water and gas bill. Tenants pay electric.

19. 2022-03-14
    listed $79,900 338-char remark

    Show marketing remark (338 chars)

    City Triplex close to Hodag Park. Features 2 - One Bedroom Apartments, and 1 - Two Bedroom Apartment. Rents are 450.00, 450.00, and 500.00. Rents have been the same for 7 years. Good income potential. There is a dry basement which 2 apartments can use. Leases are month to month. Seller is paying water and gas bill. Tenants pay electric.

20. 2015-05-28
    soldstatus $19,500
21. 2015-05-26
    soldstatus $19,500

    Show marketing remark (563 chars)

    Triplex located close to Hodag Park and within walking distance to town. At one time this rental property produced a good cash flow. There is a 2 bedroom 1 bath upper unit and 2 -1 bedroom/bath lower units. Both lower units have access to the basement that is set up for laundry facilities. The upper unit is currently rented for $500 per month and tenant pays heat/electric bill. (Three separate electric meters, Landlord pays water utilities. ) With some TLC this property could be restored to be an investment property and bring in a good cash flow once again.

22. 2015-04-20
    listed $24,500

    Show marketing remark (563 chars)

    Triplex located close to Hodag Park and within walking distance to town. At one time this rental property produced a good cash flow. There is a 2 bedroom 1 bath upper unit and 2 -1 bedroom/bath lower units. Both lower units have access to the basement that is set up for laundry facilities. The upper unit is currently rented for $500 per month and tenant pays heat/electric bill. (Three separate electric meters, Landlord pays water utilities. ) With some TLC this property could be restored to be an investment property and bring in a good cash flow once again.

23. 2003-07-08
    soldstatus $82,000
24. 2003-04-28
    listed $89,000
25. 2000-07-24
    soldstatus $50,000
26. 2000-07-21
    soldstatus $50,000
27. 2000-06-08
    listed $57,000
28. 2000-02-08
    soldstatus $49,900

ⓘ 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: $1,727 · $144/mo
• Projected year-2 tax: $1,779 · $148/mo
• Expected delta: +$52/yr (+$4/mo · 3.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,295
• − Mortgage interest: −$5,546
• − Property taxes: −$1,727
• − Insurance: −$495
• − Repairs & maintenance: −$1,144
• − Management: −$1,144
• − Depreciation: −$2,880
• Taxable income: $1,361
• Est. tax owed @ 24.0%: −$327
• After-tax cash flow: $2,515/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: Rhinelander School District
• NCES district ID: 5512720
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $47,165
• Composite: 26.77/100
• National rank: #7130
• State rank: #266 of 342 in WI

Livability — Rhinelander

• Score: 77/100
• State rank: #112
• US rank: #2876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rhinelander, WI
• Population (ZIP): 21,096

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 34,468 people
• By 2030: 33,373 · -3.2%
• By 2040: 30,391 · -11.8%
• By 2050: 27,438 · -20.4%
• By 2075: 23,041 · -33.2%
• By 2100: 18,405 · -46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 9% Portuguese 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Oneida

• 2024 margin: R (+17.6) · D 40.6% · R 58.2% · Other 1.2%
• 2008→2024 swing: -28.0pp toward R · 2008: 10.4pp · 2024: -17.6pp
• All cycles: 2024: R+17.6 2020: R+14.8 2016: R+17.1 2012: R+2.2 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.57%
• Current HPI: 179.0345
• 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

+98.4% since first listed

13 events — show timeline

• 2026-04-28 Listed $99,000 GNMLS
• 2022-04-29 Sold (Public Records) $85,000 Public Records
• 2022-04-28 Sold (MLS) $85,000 GNMLS
• 2022-03-14 Listed $79,900 GNMLS
• 2015-05-28 Sold (Public Records) $19,500 Public Records
• 2015-05-26 Sold (MLS) $19,500 GNMLS
• 2015-04-20 Listed $24,500 GNMLS
• 2003-07-08 Sold (Public Records) $82,000 Public Records
• 2003-04-28 Listed $89,000 GNMLS
• 2000-07-24 Sold (MLS) $50,000 GNMLS
• 2000-07-21 Sold (Public Records) $50,000 Public Records
• 2000-06-08 Listed $57,000 GNMLS
• 2000-02-08 Sold (Public Records) $49,900 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,727 · +14.5% YoY. Source: county tax records.