1315 W Summer St · Appleton, WI 54914

$335,000

4 bd · 3.0 ba · 1,974 sqft · MultiFamily public records · 112 Days on market

Built 1900 6,969 sqft lot $170/sqft · 22% above area Est $275k · 22% over

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Why this score? — see what drove the D 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 +19.6/30.0
• DSCR +6.2/10.0
• Rent growth +4.4/5.0
• 1% rule +4.1/10.0
• Livability +4.1/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to a masterclass in modern living! Nestled within the city limits of Appleton, this stunning 5 bed, 3 bath residence has been redone from the studs up! Every inch of this home reflects a commitment to quality, style, and functional luxury, offering a "brand-new" feel within an established, charming community. Step inside and you will find NEW NEW NEW everywhere. From kitchen appliances, to flooring, to the full lower level, everything has been upgraded to make this home so desirable and move-in ready. Enjoy open-concept living that is close to downtown, schools, parks, and shopping! Call today and make this yours before it's too late! Latest News!! the driveway has been completed, and the porch was done along with the foundation being painted Come see the updates

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (8.7% below list).
• Recommended offer: $305k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.2% 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.
• Zoned schools: Ronald C Dunlap Elementary School (math 32% / reading 22%, grade F, #746 of 1,041 statewide, top 75%, 382 students, 72% FRL); Wilson Middle (math 14% / reading 24%, grade F, #354 of 383 statewide, top 93%, 364 students, 62% FRL); West High (math 19% / reading 27%, grade F, #343 of 483 statewide, top 72%, 1,157 students, 53% FRL) — zoned schools average 62% FRL vs 32% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.8%/yr); 52 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• At $3,060/mo this rent would consume 46% of the median local household income ($80k/yr) (locally 744% 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 $10k 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 + 7.8% rent growth), your $94k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $45k; list at $335k implies a 646% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $304,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 9.1

CMA / ARV

• ARV (median comp): $275,426
• List price: $335,000
• Delta: 21.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1410 N Outagamie St	0.18mi	4/2.5	2,080 (+5%)	1mo	$375,000	$180	80
1026 W Elsie St	0.36mi	4/2.0	1,920 (-3%)	14mo	$255,000	$133	63
1009 W Winnebago St	0.33mi	4/2.0	1,862 (-6%)	14mo	$225,000	$121	60
1115 N Richmond St	0.52mi	4/2.0	1,823 (-8%)	5mo	$207,000	$114	54
520 W Commercial St	0.68mi	5/2.0 (+1)	1,919 (-3%)	5mo	$281,000	$146	51
1531 N Birchwood Ave	0.51mi	4/2.0	1,742 (-12%)	2mo	$285,000	$164	51
543 N State St	0.71mi	4/2.0	1,782 (-10%)	1mo	$218,000	$122	45
1030 W Kamps Ave	0.27mi	3/2.0 (-1)	1,776 (-10%)	22mo	$200,000	$113	43
1625 N Birchwood Ave	0.56mi	4/2.0	1,780 (-10%)	23mo	$250,000	$140	34

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 · 7.77% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-14,433
• Equity at exit: $49,950

10-year hold

• IRR: 10.1%
• Equity multiple: 1.94×
• Total profit: $88,289
• Equity at exit: $28,965

Cash invested: $93,800 (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 54914

• Rents YoY: 7.8%
• Active inventory: 52
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $3,060 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$135 /mo · $1,620/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $386

Break-even live

Break-even rent $2,571

Max offer price $335,000

Occupancy floor 82%

Sensitivity live

Price	-10% $576	-5% $481	+0% $386	+5% $291	+10% $196
Rent	-10% $144	-5% $265	+0% $386	+5% $507	+10% $628
Rate	-1.0pp $555	-0.5pp $471	base $386	+0.5pp $299	+1.0pp $211

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,629
1× unit	2	1	$1,431
Total (2 units)			$3,060

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1115 N Mason St Appleton, WI	3.0	2.0	1664	$1,495	$0.90	15d	1	0.05mi
826 W Elsie St Appleton, WI	4.0	2.0	1328	$1,800	$1.36	22d	1	0.51mi
806 N Richmond St Appleton, WI	4.0	1.5	1260	$2,695	$2.14	22d	1	0.61mi
628 S Summit St Unit 1061613P Appleton, WI	3.0	1.5	2389	$9,835	$4.12	22d	1	1.11mi
517 N Morrison St Appleton, WI	3.0	1.5	1400	$1,495	$1.07	15d	1	1.18mi
1207 W Ridgeview Dr Unit 1061620P Appleton, WI	3.0	1.5	1399	$6,950	$4.97	22d	1	1.21mi
1209 W Ridgeview Dr Unit 1061635P Appleton, WI	3.0	1.5	1399	$5,014	$3.58	15d	1	1.22mi
609 S State St Unit 1061651P Appleton, WI	4.0	2.5	1593	$3,236	$2.03	45d	1	1.23mi
634 W Prospect Ave Appleton, WI	4.0	2.0	2200	$2,000	$0.91	45d	1	1.33mi
320 E College Ave Unit 307 Appleton, WI	3.0	2.0	1525	$2,500	$1.64	45d	1	1.42mi

Listing history 21 events

1. 2026-06-17
   days on market $335,000 Active 112 DOM
2. 2026-06-16
   days on market $335,000 Active 111 DOM
3. 2026-06-15
   days on market $335,000 Active 110 DOM
4. 2026-06-14
   days on market $335,000 Active 108 DOM
5. 2026-06-13
   days on market $335,000 Active 107 DOM
6. 2026-06-10
   days on market $335,000 Active 105 DOM
7. 2026-06-09
   days on market $335,000 Active 104 DOM
8. 2026-06-08
   days on market $335,000 Active 103 DOM
9. 2026-06-07
   days on market $335,000 Active 102 DOM
10. 2026-06-05
    days on market $335,000 Active 99 DOM
11. 2026-06-03
    days on market $335,000 Active 98 DOM
12. 2026-06-02
    days on market $335,000 Active 97 DOM
13. 2026-06-01
    days on market $335,000 Active 96 DOM
14. 2026-05-31
    days on market $335,000 Active 95 DOM
15. 2026-05-30
    days on market $335,000 Active 94 DOM
16. 2026-04-30
    price $335,000 791-char remark

    Show marketing remark (791 chars)

    Welcome to a masterclass in modern living! Nestled within the city limits of Appleton, this stunning 5 bed, 3 bath residence has been redone from the studs up! Every inch of this home reflects a commitment to quality, style, and functional luxury, offering a "brand-new" feel within an established, charming community. Step inside and you will find NEW NEW NEW everywhere. From kitchen appliances, to flooring, to the full lower level, everything has been upgraded to make this home so desirable and move-in ready. Enjoy open-concept living that is close to downtown, schools, parks, and shopping! Call today and make this yours before it's too late! Latest News!! the driveway has been completed, and the porch was done along with the foundation being painted Come see the updates

17. 2026-02-25
    listed $325,000 Active 791-char remark

    Show marketing remark (791 chars)

    Welcome to a masterclass in modern living! Nestled within the city limits of Appleton, this stunning 5 bed, 3 bath residence has been redone from the studs up! Every inch of this home reflects a commitment to quality, style, and functional luxury, offering a "brand-new" feel within an established, charming community. Step inside and you will find NEW NEW NEW everywhere. From kitchen appliances, to flooring, to the full lower level, everything has been upgraded to make this home so desirable and move-in ready. Enjoy open-concept living that is close to downtown, schools, parks, and shopping! Call today and make this yours before it's too late! Latest News!! the driveway has been completed, and the porch was done along with the foundation being painted Come see the updates

18. 2026-02-13
    historical 708-char remark

    Show marketing remark (708 chars)

    Check out this fully remodeled 5 bedroom, 3 full bathroom large 2 story home in Appleton. So many updates. .. from a Brand New 2 car garage to everything new inside. This home is move in ready! Primary bedroom with walk in closet and bathroom on the main level. 4 more nice sized bedrooms with big closets up stairs as well as an office. Large living room with open concept. 1st floor laundry, all New Appliances and kitchen is new, all cabinets and counter tops. All 3 bathrooms everything is New. All flooring and paint is New. Electrical and plumbing is all new and updated. Close to downtown, schools, parks and shopping. Yard is mostly fenced in. Being sold as is. Set up your showing before it is gone!

19. 2026-01-20
    listed $335,000 Active 708-char remark

    Show marketing remark (708 chars)

    Check out this fully remodeled 5 bedroom, 3 full bathroom large 2 story home in Appleton. So many updates. .. from a Brand New 2 car garage to everything new inside. This home is move in ready! Primary bedroom with walk in closet and bathroom on the main level. 4 more nice sized bedrooms with big closets up stairs as well as an office. Large living room with open concept. 1st floor laundry, all New Appliances and kitchen is new, all cabinets and counter tops. All 3 bathrooms everything is New. All flooring and paint is New. Electrical and plumbing is all new and updated. Close to downtown, schools, parks and shopping. Yard is mostly fenced in. Being sold as is. Set up your showing before it is gone!

20. 2009-06-12
    soldstatus $44,900
21. 2003-06-10
    soldstatus $17,600

ⓘ 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: $1,620 · $135/mo
• Projected year-2 tax: $3,909 · $326/mo
• Expected delta: +$2,289/yr (+$191/mo · 141.3%)

ⓘ 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 ≥97°F today · 12 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: $36,720
• − Mortgage interest: −$18,765
• − Property taxes: −$1,620
• − Insurance: −$1,675
• − Repairs & maintenance: −$2,938
• − Management: −$2,938
• − Depreciation: −$9,745
• Taxable loss: −$961
• Est. tax savings @ 24.0%: +$231
• After-tax cash flow: $4,863/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): 31,849
• Household income: $79,875
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 744.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 6% Portuguese 4% Iranian 4%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 3% German/W. Germanic 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: ▼ -213.81%
• Current HPI: 214.5939
• Rent YoY: ▲ 7.77%
• 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

+1803.4% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $335,000 RANW
• 2026-02-25 Listed $325,000 RANW
• 2026-02-13 Listing Removed — RANW
• 2026-01-20 Listed $335,000 RANW
• 2009-06-12 Sold (Public Records) $44,900 Public Records
• 2003-06-10 Sold (Public Records) $17,600 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,620 · +6.0% YoY. Source: county tax records.