603 N Richmond St · Appleton, WI 54911

$359,900

16 bd · 12.0 ba · 2,008 sqft · MultiFamily · 43 Days on market

Built 1954 0.40 ac lot $179/sqft · 63% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +3.0/10.0
• Rent growth +2.7/5.0
• 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: 4 units. confirmed

Listing remarks

Fully occupied mixed-use 4-unit investment property generating $3,768/month ($45,216 annualized). Diverse unit mix includes three residential units and one commercial space, providing stable, consistent income. The commercial unit is roughly 800 square feet bringing the total square footage to 2808. Strong rental history with clean, well-maintained interiors and opportunity for future rent upside. High-visibility location with convenient access to local amenities. Financials, rent roll, and lease documents available upon request. All measurements are approximate and not guaranteed; buyer to verify all dimensions.

Key facts

• One commercial space
• 0.4 acre lot
• Built 1954

Tags

• THREE RESIDENTIAL UNITS
• ONE COMMERCIAL SPACE
• STRONG RENTAL HISTORY
• HIGH-VISIBILITY LOCATION

Property features AI

Finance

• Other: Owner listed as source for year-built information
• Financial info: Total of 3 units in the building

Exterior

• Parking: No on-site parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Building style: 2-story / bi-level; Estimated total living area in the 2,001–2,500 sq ft range
• Construction: Block basement
• Exterior features: Wood exterior; Lot size about 0.4 acre (< 1/2 acre); Zoned for multi-family (4 units)

Interior

• Kitchen: Unit 2 kitchen approx. 10 x 11
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (primary 11 x 12; second bedroom 8 x 11); Unit 3: number of bedrooms not specified
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Unit 3: 1 full bath
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Basement is block construction (no finished below-grade space)

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/3.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $653/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $360k).
• Recommended offer: $349k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 3.8% in Appleton — 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 82/100 on livability (#44 in WI, #1,073 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Appleton Area School District (urban): math 33% / reading 36% proficiency, ranked #224 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 32 active listings in the ZIP; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• At $6,455/mo this rent would consume 116% of the median local household income ($67k/yr) (locally 876% 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 $11k of value loss. Plan a longer hold.
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $101k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.79% ✓
• Cap rate: 15.00%
• Cash-on-cash: 31.11%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (median comp): $220,624
• List price: $359,900
• Delta: 63.13%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 23.3%
• Equity multiple: 1.93×
• Total profit: $93,365
• Equity at exit: $53,662

10-year hold

• IRR: 29.7%
• Equity multiple: 3.36×
• Total profit: $238,014
• Equity at exit: $31,118

Cash invested: $100,772 (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 54911

• Rents YoY: 0.7%
• Active inventory: 32
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $6,455 medium
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,356
• Net cashflow: $2,612

Break-even live

Break-even rent $3,148

Max offer price $359,900

Occupancy floor 55%

Sensitivity live

Price	-10% $2,861	-5% $2,737	+0% $2,612	+5% $2,488	+10% $2,364
Rent	-10% $2,102	-5% $2,357	+0% $2,612	+5% $2,867	+10% $3,122
Rate	-1.0pp $2,794	-0.5pp $2,704	base $2,612	+0.5pp $2,519	+1.0pp $2,424

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	3	$6,456
Total (4 units)			$6,455

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $359,900 Active 43 DOM
2. 2026-06-18
   days on market $359,900 Active 42 DOM
3. 2026-06-17
   days on market $359,900 Active 41 DOM
4. 2026-06-16
   days on market $359,900 Active 40 DOM
5. 2026-06-15
   days on market $359,900 Active 39 DOM
6. 2026-06-14
   days on market $359,900 Active 37 DOM
7. 2026-06-13
   days on market $359,900 Active 36 DOM
8. 2026-06-10
   days on market $359,900 Active 34 DOM
9. 2026-06-09
   days on market $359,900 Active 33 DOM
10. 2026-06-08
    days on market $359,900 Active 32 DOM
11. 2026-06-07
    days on market $359,900 Active 31 DOM
12. 2026-06-05
    days on market $359,900 Active 28 DOM
13. 2026-06-03
    days on market $359,900 Active 27 DOM
14. 2026-06-02
    days on market $359,900 Active 26 DOM
15. 2026-06-01
    days on market $359,900 Active 25 DOM
16. 2026-05-31
    days on market $359,900 Active 24 DOM
17. 2026-05-30
    days on market $359,900 Active 23 DOM
18. 2026-05-06
    listed $359,900 Active 620-char remark

ⓘ 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: $77,460
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$6,197
• − Management: −$6,197
• − Depreciation: −$10,470
• Taxable income: $27,239
• Est. tax owed @ 24.0%: −$6,537
• After-tax cash flow: $24,810/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: Appleton Area School District
• NCES district ID: 5500390
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $53,892
• Composite: 30.3/100
• National rank: #6279
• State rank: #224 of 342 in WI

Livability — Appleton

• Score: 82/100
• State rank: #44
• US rank: #1073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Appleton, WI
• County: Outagamie County · 155,051 people
• City population: 126,671
• Metro: Appleton, WI
• Population (ZIP): 25,308
• Household income: $67,001
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 876.0

Population outlook (Outagamie County) Hauer SSP2

• Today (2025): 195,863 people
• By 2030: 201,154 · +2.7%
• By 2040: 209,053 · +6.7%
• By 2050: 211,957 · +8.2%
• By 2075: 214,299 · +9.4%
• By 2100: 200,825 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 9% Iranian 5% Portuguese 4%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 90% English-only · Other Asian/Pacific 4% Spanish 3% Chinese 1%

Political lean MEDSL · Outagamie

• 2024 margin: R (+10.2) · D 44.2% · R 54.4% · Other 1.5%
• 2008→2024 swing: -21.8pp toward R · 2008: 11.6pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+9.9 2016: R+12.6 2012: R+1.8 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -237.96%
• Current HPI: 218.9027
• Rent YoY: ▲ 0.67%
• Metro: Appleton, 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

• 2026-05-06 Listed $359,900 RANW