128 W Estey St · Shullsburg, WI 53586

$130,000

2 bd · 1.0 ba · 900 sqft · Other · 2 Days on market

Built 1941 6,098 sqft lot

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Why this score? — see what drove the C 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 +17.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming and remodeled, this 2-bedroom, 1-bath home in Shullsburg, WI offers the perfect blend of character and modern updates. A distinctive exterior sets it apart, while the thoughtfully updated interior provides comfortable, stylish living. Nestled in a quaint neighborhood, this home is beautifully refreshed and move-in ready for its next owner.

Key facts

• Move-in ready
• Distinctive exterior
• 6,098 sq ft lot

Tags

• DISTINCTIVE EXTERIOR
• THOUGHTFULLY UPDATED INTERIOR
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $130k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/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 $120k (7.4% below list).
• Recommended offer: $120k (7.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#138 in WI, #3,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities D, commute F.
• Shullsburg School District (rural): math 40% / reading 40% proficiency, ranked #253 of 426 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shullsburg Elementary (math 47% / reading 32%, grade F, #490 of 1,041 statewide, top 53%, 133 students, 53% FRL); Shullsburg High (math 30% / reading 50%, grade F, #95 of 483 statewide, top 20%, 103 students, 43% FRL).
• Market conditions: 9 active listings in the ZIP; 67 units permitted in Lafayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Lafayette County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,350 (7.4% below list)

Questions for the listing agent

1. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.93% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 3.12×
• Total profit: $77,303
• Equity at exit: $117,114

10-year hold

• IRR: 23.4%
• Equity multiple: 7.11×
• Total profit: $222,497
• Equity at exit: $252,561

Cash invested: $36,400 (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 53586

• Home prices YoY: 9.3%
• Active inventory: 9
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$113 /mo · $1,351/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $102

Break-even live

Break-even rent $1,074

Max offer price $130,000

Occupancy floor 86%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-02-25
   soldstatus $121,000
2. 2026-01-30
   status Pending
3. 2026-01-28
   listed $130,000 Active
4. 2024-10-29
   soldstatus $107,000
5. 2001-10-04
   soldstatus $18,000

ⓘ 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: $1,351 · $113/mo
• Projected year-2 tax: $1,878 · $157/mo
• Expected delta: +$527/yr (+$44/mo · 39.0%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,442
• − Mortgage interest: −$7,282
• − Property taxes: −$1,351
• − Insurance: −$650
• − Repairs & maintenance: −$1,155
• − Management: −$1,155
• − Depreciation: −$3,782
• Taxable loss: −$934
• Est. tax savings @ 24.0%: +$224
• After-tax cash flow: $1,451/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: Shullsburg School District
• NCES district ID: 5513830
• Math proficiency: 40% ▲ 10.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $47,583
• Composite: 36.69/100
• National rank: #9225
• State rank: #253 of 426 in WI

Livability — Shullsburg

• Score: 76/100
• State rank: #138
• US rank: #3666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shullsburg, WI
• City population: 2,336
• Population (ZIP): 2,336

Population outlook (Lafayette County) Hauer SSP2

• Today (2025): 16,236 people
• By 2030: 15,817 · -2.6%
• By 2040: 14,834 · -8.6%
• By 2050: 13,692 · -15.7%
• By 2075: 11,220 · -30.9%
• By 2100: 8,477 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 7%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Lithuanian 3% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 87% English-only · Spanish 8% German/W. Germanic 3% Other Indo-European 1%

Political lean MEDSL · Lafayette

• 2024 margin: Strong R (+20.2) · D 39.3% · R 59.5% · Other 1.2%
• 2008→2024 swing: -42.6pp toward R · 2008: 22.3pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+13.7 2016: R+9.1 2012: D+15.4 2008: D+22.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.18%
• Current HPI: 225.0823
• 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

+572.2% since first listed

5 events — show timeline

• 2026-02-25 Sold (Public Records) $121,000 Public Records
• 2026-01-30 Pending — SCWMLS
• 2026-01-28 Listed $130,000 SCWMLS
• 2024-10-29 Sold (Public Records) $107,000 Public Records
• 2001-10-04 Sold (Public Records) $18,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,351 · +174.2% YoY. Source: county tax records.