5220 Spruce St · Laona, WI 54541

$200,000

8 bd · 4.0 ba · 3,168 sqft · MultiFamily · 3 Days on market

0.64 ac lot

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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
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

INCOME OPPORTUNITY! Four unit apartment located in the Town of Laona. All 4 units have 2 bedrooms, 1 bath, Nice size living room and kitchen. 2 units on the main level and 2 units on the upper level. Coin-Op Laundry located on the main level. Large parking spots for all tenants. Currently has 3 units rented and 1 unit that is vacant. All 4 units are in decent condition and could be rented as is. Some upgrades could be done throughout the property but it is ready to make money now! Close proximity to the school district. Come check it out and you are able walk through the vacant apartment unit and see the potential of income producing property for you to have a great passive income stream.

Key facts

• Large parking spots
• Coin-op laundry
• Four unit apartment

Tags

• FOUR UNIT APARTMENT
• COIN-OP LAUNDRY
• LARGE PARKING SPOTS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $322/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).

Location & tenants

• Location reads 67/100 on livability (#427 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, amenities F, commute F.
• Laona School District (rural): math 50% / reading 45% proficiency, ranked #154 of 426 in WI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Laona High (math 24% / reading 34%, grade F, #228 of 483 statewide, top 52%, 129 students, 40% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 30% at this address vs 48% district-wide (-18 pts) — the specific schools serving this property underperform the Laona School District average; the district grade overstates school quality for this exact location.
• Market conditions: 14 active listings in the ZIP; 69 units permitted in Forest County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (7.9% local appreciation)).
• Forest County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $200,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.69% ✓
• Cap rate: 14.02%
• Cash-on-cash: 27.58%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.8%
• Equity multiple: 3.91×
• Total profit: $163,165
• Equity at exit: $150,605

10-year hold

• IRR: 37.5%
• Equity multiple: 8.37×
• Total profit: $412,556
• Equity at exit: $297,679

Cash invested: $56,000 (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 54541

• Home prices YoY: 4.2%
• Active inventory: 14
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $3,379 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $1,287

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,380
Total (4 units)			$3,379

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2025-12-20
   status Pending
2. 2025-12-17
   listed $200,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥91°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: $40,548
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,244
• − Management: −$3,244
• − Depreciation: −$5,818
• Taxable income: $13,039
• Est. tax owed @ 24.0%: −$3,129
• After-tax cash flow: $12,318/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: Laona School District
• NCES district ID: 5507830
• Math proficiency: 50% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $42,576
• Composite: 42.14/100
• National rank: #7029
• State rank: #154 of 426 in WI

Livability — Laona

• Score: 67/100
• State rank: #427
• US rank: #10769

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laona, WI
• City population: 1,516
• Population (ZIP): 1,516

Population outlook (Forest County) Hauer SSP2

• Today (2025): 8,449 people
• By 2030: 8,032 · -4.9%
• By 2040: 7,064 · -16.4%
• By 2050: 6,119 · -27.6%
• By 2075: 4,592 · -45.7%
• By 2100: 3,630 · -57.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 10% Portuguese 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Forest

• 2024 margin: Solid R (+33.4) · D 33.0% · R 66.4%
• 2008→2024 swing: -48.5pp toward R · 2008: 15.2pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+30.9 2016: R+26.7 2012: D+5.4 2008: D+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.90%
• Current HPI: 193.7777
• 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

2 events — show timeline

• 2025-12-20 Pending — GNMLS
• 2025-12-17 Listed $200,000 GNMLS