2031 E Washington Ave · Madison, WI 53704

$506,000

5 bd · 3.5 ba · 2,212 sqft · MultiFamily public records · 6 Days on market

Built 1884 5,227 sqft lot Est $750k · 33% under ↓ 26% since listing

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. 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

Under rented 3 unit just minutes from the Capitol Square. Building includes two 2 beds and one 1 bed. Ample dedicated parking in back. Adjacent property 2027 E Washington (4 unit) is also available for $676,000. On site coin operated laundry. Landlord pays water/sewer. Tenants pay gas/electric directly to MGE. In place annual income is $48,180 + laundry. Seller's preferred closing date is on or before 6/17/2026.

Key facts

• Dedicated parking
• 5,227 sq ft lot
• Parking

Tags

• DEDICATED PARKING
• COIN OPERATED LAUNDRY

Property features AI

Finance

• Other: Seller excludes tenants' personal property
• Financial info: Property zoned TR-V1

Exterior

• Parking: 1 outdoor parking space
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Apartment building
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Aluminum/steel siding; Other exterior materials

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 1 bedroom
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath; Unit 3: 1 full bath
• Heating & cooling: Radiant heating (electric); Natural gas fuel
• Interior features: Full basement; Seller-owned appliances, HVAC, water heater(s), and water softener(s) included

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $506k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $506k).
• Cap rate 9.0% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East High (math 32% / reading 42%, grade F, #123 of 483 statewide, top 28%, 1,649 students, 55% FRL).
• Market conditions: Rents rising (+1.1%/yr); 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $5,877/mo this rent would consume 95% of the median local household income ($74k/yr) (locally 2064% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $506,000

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 1884 — 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. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $750,326
• List price: $506,000
• Delta: -32.56%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.86×
• Total profit: $-19,694
• Equity at exit: $75,446

10-year hold

• IRR: 3.7%
• Equity multiple: 1.24×
• Total profit: $34,535
• Equity at exit: $43,750

Cash invested: $141,680 (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 53704

• Rents YoY: 1.1%
• Active inventory: 141
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $5,877 high
• Mortgage (P&I): −$2,654
• Tax from tax record: −$632 /mo · $7,586/yr
• Insurance: −$211
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,234
• Net cashflow: $1,146

Break-even live

Break-even rent $4,426

Max offer price $506,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,220
1× unit	1	1	$1,658
Total (3 units)			$5,877

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: $126,500
• Closing costs: $15,180
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Huxley St Madison, WI	1.0–4.0	1.0–2.0	1053	$2,195	$2.08	14d	20	1.03mi
418 Russell Walk Madison, WI	4.0	1.0	1787	$2,000	$1.12	44d	1	1.28mi

Listing history 3 events

1. 2026-05-05
   status Pending 415-char remark
2. 2026-04-29
   listed $506,000 Active 415-char remark
3. 2022-07-29
   soldstatus $680,000

ⓘ 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: $7,586 · $632/mo
• Projected year-2 tax: $8,473 · $706/mo
• Expected delta: +$888/yr (+$74/mo · 11.7%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,524
• − Mortgage interest: −$28,344
• − Property taxes: −$7,586
• − Insurance: −$2,530
• − Repairs & maintenance: −$5,642
• − Management: −$5,642
• − Depreciation: −$14,720
• Taxable income: $6,061
• Est. tax owed @ 24.0%: −$1,455
• After-tax cash flow: $12,301/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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 46,730
• Household income: $74,034
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 2064.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 13% Black 11% Hispanic / Latino 10% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -440.26%
• Current HPI: 293.4723
• Rent YoY: ▲ 1.14%
• Metro: Madison, 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

-25.6% since first listed

3 events — show timeline

• 2026-05-05 Pending — SCWMLS
• 2026-04-29 Listed $506,000 SCWMLS
• 2022-07-29 Sold (Public Records) $680,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $7,586 · +14.9% YoY. Source: county tax records.