W2489 Altenburger Dr · Merrill, WI 54452

$107,900

3 bd · 2.0 ba · 1,008 sqft · SingleFamily · 81 Days on market

Built 1980 1.00 ac lot $107/sqft · at area comps Est $103k · at est. ↓ 33% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +5.3/15.0
• 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

Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

Key facts

• Open lr and kitchen
• Deck off the kitchen
• Walk-out basement

Tags

• OPEN LR AND KITCHEN
• DECK OFF THE KITCHEN
• WALK-OUT BASEMENT
• LAUNDRY HOOK-UPS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $108k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Recommended offer: $101k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 4.6% 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: 74 active listings in the ZIP; 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 $746 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 $30k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $22k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $101,426 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.36% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.26%
• DSCR: 1.72
• GRM: 6.1

CMA / ARV

• ARV (median comp): $102,766
• List price: $107,900
• Delta: 5.00%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
W2489 Altenburger Dr	0.00mi	3/2.0	1,008 (0%)	1mo	$107,500	$107	99

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.29×
• Total profit: $8,612
• Equity at exit: $16,088

10-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $41,179
• Equity at exit: $9,329

Cash invested: $30,212 (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: 74
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,472 medium
• Mortgage (P&I): −$566
• Tax from tax record: −$143 /mo · $1,716/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $409

Break-even live

Break-even rent $954

Max offer price $107,900

Occupancy floor 67%

Sensitivity live

Price	-10% $470	-5% $440	+0% $409	+5% $379	+10% $348
Rent	-10% $293	-5% $351	+0% $409	+5% $467	+10% $526
Rate	-1.0pp $464	-0.5pp $437	base $409	+0.5pp $381	+1.0pp $353

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: $26,975
• Closing costs: $3,237
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

2. 2026-05-11
   historical Active Under Contract 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

3. 2026-05-08
   price $107,900 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

4. 2026-04-08
   price $112,900 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

5. 2026-02-26
   status Active 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

6. 2026-02-19
   listed $129,900 Active 413-char remark

   Show marketing remark (413 chars)

   Country living in the town of Schley, just minutes from the city of Merrill. Ranch style home sits on a 1 acre lot. The main level offers an open LR and Kitchen, 3 bedrooms and a bath with a deck off the kitchen and an attached garage. The Walk-out basement has a 2nd bath, laundry hook-ups, and room for additional living space. Has electric heat, a drilled well and a holding tank. Property is being sold as is.

7. 2021-08-04
   soldstatus $160,000

ⓘ 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: $1,716 · $143/mo
• Projected year-2 tax: $1,856 · $155/mo
• Expected delta: +$140/yr (+$12/mo · 8.2%)

ⓘ 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 1/10 Low 7 d/yr ≥94°F today · 12 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: $17,668
• − Mortgage interest: −$6,044
• − Property taxes: −$1,716
• − Insurance: −$540
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$3,139
• Taxable income: $3,402
• Est. tax owed @ 24.0%: −$817
• After-tax cash flow: $4,095/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

• 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

-32.6% since first listed

7 events — show timeline

• 2026-05-15 Pending — GNMLS
• 2026-05-11 Contingent — GNMLS
• 2026-05-08 Price Changed $107,900 GNMLS
• 2026-04-08 Price Changed $112,900 GNMLS
• 2026-02-26 Relisted — GNMLS
• 2026-02-19 Listed $129,900 GNMLS
• 2021-08-04 Sold (Public Records) $160,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $1,716 · +17.4% YoY. Source: county tax records.