205 N Thomas St · Merrill, WI 54452

$99,900

2 bd · 1.0 ba · 1,623 sqft · Other · 374 Days on market

Built 1900 6,098 sqft lot $62/sqft · 36% below area Est $156k · 36% 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 +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good size 2 story home on Merrill?s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with other properties if interested.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $100k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.5% in Merrill — 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 76/100 on livability (#134 in WI, #3,510 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• Merrill Area School District (town): math 38% / reading 39% proficiency, ranked #180 of 342 in WI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 192 units permitted in Lincoln County in 2024 (41 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lincoln County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 374 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $40k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 374 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.59% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.84%
• DSCR: 1.97
• GRM: 5.3

CMA / ARV

• ARV (median comp): $155,504
• List price: $99,900
• Delta: -35.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.5%
• Equity multiple: 1.46×
• Total profit: $12,785
• Equity at exit: $14,895

10-year hold

• IRR: 20.6%
• Equity multiple: 2.74×
• Total profit: $48,691
• Equity at exit: $8,638

Cash invested: $27,972 (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 54452

• Active inventory: 73
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,585 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$178 /mo · $2,131/yr
• Insurance: −$42
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $453

Break-even live

Break-even rent $1,011

Max offer price $99,900

Occupancy floor 66%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 Webster St Unit AL 2013-50 Merrill, WI	3.0	2.0	1186	$1,585	$1.34	43d	1	0.82mi

Listing history 33 events

1. 2026-06-18
   days on market $99,900 Active 374 DOM
2. 2026-06-17
   days on market $99,900 Active 373 DOM
3. 2026-06-16
   days on market $99,900 Active 372 DOM
4. 2026-06-15
   days on market $99,900 Active 371 DOM
5. 2026-06-15
   days on market $99,900 Active 370 DOM
6. 2026-06-13
   days on market $99,900 Active 369 DOM
7. 2026-06-12
   days on market $99,900 Active 368 DOM
8. 2026-06-09
   days on market $99,900 Active 365 DOM
9. 2026-06-08
   days on market $99,900 Active 364 DOM
10. 2026-06-08
    days on market $99,900 Active 363 DOM
11. 2026-06-07
    days on market $99,900 Active 362 DOM
12. 2026-06-03
    pricedays on market $99,900 Active 359 DOM
13. 2026-06-02
    days on market $104,900 Active 358 DOM
14. 2026-06-01
    days on market $104,900 Active 357 DOM
15. 2026-05-31
    days on market $104,900 Active 356 DOM
16. 2026-01-30
    price $104,900 290-char remark

    Show marketing remark (290 chars)

    Good size 2 story home on Merrill?s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with other properties if interested.

17. 2026-01-29
    price $104,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

18. 2026-01-19
    price $109,900 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

19. 2026-01-19
    price $109,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

20. 2025-12-23
    price $114,900 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

21. 2025-12-23
    price $114,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

22. 2025-11-21
    price $119,900 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

23. 2025-11-21
    price $119,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

24. 2025-08-18
    price $124,900 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

25. 2025-08-18
    price $124,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

26. 2025-07-21
    price $129,900 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

27. 2025-07-21
    price $129,900 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

28. 2025-06-06
    listed $139,900 Active 290-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

29. 2025-06-06
    listed $139,900 Active 298-char remark

    Show marketing remark (298 chars)

    Good size 2 story home on Merrill’s Westside. Home has over 1600 sq feet finished with good size kitchen and dining room. Main floor laundry and a two car detached garage. Property is currently being rented. Property could be purchased as a package deal with 9 other properties if interested.

30. 2015-10-07
    historical
31. 2015-08-12
    listed $49,900 Active
32. 2015-03-02
    historical
33. 2014-09-04
    listed $53,500 Active

ⓘ 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: $2,131 · $178/mo
• Projected year-2 tax: $2,131 · $178/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°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: $19,020
• − Mortgage interest: −$5,596
• − Property taxes: −$2,131
• − Insurance: −$1,166
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$2,906
• Taxable income: $4,177
• Est. tax owed @ 24.0%: −$1,003
• After-tax cash flow: $4,439/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: Merrill Area School District
• NCES district ID: 5509210
• Math proficiency: 38% ▲ 1.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $50,419
• Composite: 33.3/100
• National rank: #5507
• State rank: #180 of 342 in WI

Livability — Merrill

• Score: 76/100
• State rank: #134
• US rank: #3510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrill, WI
• Population (ZIP): 18,949

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 26,476 people
• By 2030: 25,399 · -4.1%
• By 2040: 22,684 · -14.3%
• By 2050: 19,596 · -26.0%
• By 2075: 13,998 · -47.1%
• By 2100: 9,732 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 10% Portuguese 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Strong R (+25.2) · D 36.7% · R 61.9% · Other 1.4%
• 2008→2024 swing: -37.6pp toward R · 2008: 12.5pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+22.8 2016: R+20.8 2012: D+0.7 2008: D+12.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.99%
• Current HPI: 192.6923
• 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

+96.1% since first listed

18 events — show timeline

• 2026-01-30 Price Changed $104,900 CWMLS
• 2026-01-29 Price Changed $104,900 GNMLS
• 2026-01-19 Price Changed $109,900 CWMLS
• 2026-01-19 Price Changed $109,900 GNMLS
• 2025-12-23 Price Changed $114,900 CWMLS
• 2025-12-23 Price Changed $114,900 GNMLS
• 2025-11-21 Price Changed $119,900 CWMLS
• 2025-11-21 Price Changed $119,900 GNMLS
• 2025-08-18 Price Changed $124,900 CWMLS
• 2025-08-18 Price Changed $124,900 GNMLS
• 2025-07-21 Price Changed $129,900 CWMLS
• 2025-07-21 Price Changed $129,900 GNMLS
• 2025-06-06 Listed $139,900 GNMLS
• 2025-06-06 Listed $139,900 CWMLS
• 2015-10-07 Listing Removed — CWMLS
• 2015-08-12 Listed $49,900 CWMLS
• 2015-03-02 Listing Removed — CWMLS
• 2014-09-04 Listed $53,500 CWMLS

Property tax history

+4.6%/yr

Latest (2025): $2,131 · +9.6% YoY. Source: county tax records.