134 Tustin Rd · Fremont, WI 54940

$649,900

3 bd · 3.0 ba · 2,415 sqft · SingleFamily public records · 105 Days on market

Built 1995 17 ac lot ↓ 13% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.2/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity! This 4-bed, 3-bath home sits on 17 scenic acres in Fremont with over 700? of Wolf River channel frontage and 200? of direct river access. The open-concept layout features a cozy wood-burning fireplace with stone surround and a three-season room showcasing serene backyard views. The walkout lower level is ready for your finishing touches. Enjoy a beautifully landscaped yard with apple, hickory, and black walnut trees, grape vines, raspberry bushes, and vibrant flower beds. Potential to split into 3 lots for future development or for investment purposes. Artesian well. Roof replaced in 2023.

Key facts

• Artesian well
• Hardwood floors
• New roof

Tags

• WOLF RIVER CHANNEL FRONTAGE
• DIRECT WOLF RIVER ACCESS
• HARDWOOD FLOORS
• WOOD BURNING FIREPLACE
• ARTESIAN WELL
• NEW ROOF

Property features AI

Exterior

• Parking: Attached 2-car garage (2 garage spaces total); Bonus room above/adjacent to garage (approx. 11 x 11)
• Utilities: Well water; Municipal sewer
• Home design: 2-story single-family home; Construction completed; Residential zoning
• Construction: Finished above-grade living area approx. 3,592; Finished below-grade: none indicated
• Exterior features: Aluminum/steel exterior; Wooded lot; Storage shed; Over 300 feet of river frontage on the Wolf River; Waterfront property

Interior

• Kitchen: 22 x 9 kitchen; Dishwasher; Range/Oven; Refrigerator; Garbage disposal
• Bedrooms: Primary suite on the upper level (approx. 18 x 17); Second bedroom on the upper level (approx. 18 x 17); Third bedroom on the main level (approx. 12 x 11); Fourth bedroom on the main level (approx. 11 x 11)
• Flooring: Wood floors
• Bathrooms: Three full bathrooms; At least one tub
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning
• Interior features: Walk-in closets; Wood floors; Full poured concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $650k.

Deal economics

• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (63.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (63.5% below list).
• Recommended offer: $235k (63.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 72/100 on livability (#231 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• Weyauwega-Fremont School District (rural): math 40% / reading 42% proficiency, ranked #140 of 342 in WI (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 13 active listings in the ZIP; 287 units permitted in Waupaca County in 2024 (173 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Waupaca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $235,169 (63.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.36% ✗
• Cap rate: 1.96%
• Cash-on-cash: -15.48%
• DSCR: 0.31
• GRM: 22.8

CMA / ARV

• ARV (on-the-fly): $376,740
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
390 Forbes St	0.43mi	4/2.0 (+1)	2,170 (-10%)	13mo	$315,000	$145	43
525 Wolf River Dr	0.58mi	3/2.0	2,121 (-12%)	16mo	$330,000	$156	35

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: -46.3%
• Equity multiple: -0.40×
• Total profit: $-254,968
• Equity at exit: $96,902

10-year hold

• IRR: -86.9%
• Equity multiple: -1.28×
• Total profit: $-415,089
• Equity at exit: $56,191

Cash invested: $181,972 (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 54940

• Home prices YoY: -28.9%
• Active inventory: 13
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $2,372 medium
• Mortgage (P&I): −$3,408
• Tax from tax record: −$543 /mo · $6,510/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-2,348

Break-even live

Break-even rent $5,344

Max offer price $235,169

Occupancy floor —

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-22
   status Pending
2. 2026-03-16
   historical Active w/ Contract
3. 2026-03-04
   price $649,900
4. 2026-02-06
   listed $680,000 Active
5. 2026-01-10
   historical 614-char remark

   Show marketing remark (614 chars)

   Rare opportunity! This 4-bed, 3-bath home sits on 17 scenic acres in Fremont with over 700? of Wolf River channel frontage and 200? of direct river access. The open-concept layout features a cozy wood-burning fireplace with stone surround and a three-season room showcasing serene backyard views. The walkout lower level is ready for your finishing touches. Enjoy a beautifully landscaped yard with apple, hickory, and black walnut trees, grape vines, raspberry bushes, and vibrant flower beds. Potential to split into 3 lots for future development or for investment purposes. Artesian well. Roof replaced in 2023.

6. 2025-08-22
   price $699,000 614-char remark

   Show marketing remark (614 chars)

   Rare opportunity! This 4-bed, 3-bath home sits on 17 scenic acres in Fremont with over 700? of Wolf River channel frontage and 200? of direct river access. The open-concept layout features a cozy wood-burning fireplace with stone surround and a three-season room showcasing serene backyard views. The walkout lower level is ready for your finishing touches. Enjoy a beautifully landscaped yard with apple, hickory, and black walnut trees, grape vines, raspberry bushes, and vibrant flower beds. Potential to split into 3 lots for future development or for investment purposes. Artesian well. Roof replaced in 2023.

7. 2025-05-22
   listed $749,000 Active 614-char remark

   Show marketing remark (614 chars)

   Rare opportunity! This 4-bed, 3-bath home sits on 17 scenic acres in Fremont with over 700? of Wolf River channel frontage and 200? of direct river access. The open-concept layout features a cozy wood-burning fireplace with stone surround and a three-season room showcasing serene backyard views. The walkout lower level is ready for your finishing touches. Enjoy a beautifully landscaped yard with apple, hickory, and black walnut trees, grape vines, raspberry bushes, and vibrant flower beds. Potential to split into 3 lots for future development or for investment purposes. Artesian well. Roof replaced in 2023.

ⓘ 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: $6,510 · $543/mo
• Projected year-2 tax: $9,267 · $772/mo
• Expected delta: +$2,756/yr (+$230/mo · 42.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,462
• − Mortgage interest: −$36,405
• − Property taxes: −$6,510
• − Insurance: −$3,250
• − Repairs & maintenance: −$2,277
• − Management: −$2,277
• − Depreciation: −$18,906
• Taxable loss: −$41,162
• Est. tax savings @ 24.0%: +$9,879
• After-tax cash flow: $-18,293/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: Weyauwega-Fremont School District
• NCES district ID: 5516500
• Math proficiency: 40% ▼ -6.00%
• Reading proficiency: 42% ▼ -4.00%
• Median HH income: $52,635
• Composite: 35.58/100
• National rank: #4898
• State rank: #140 of 342 in WI

Livability — Fremont

• Score: 72/100
• State rank: #231
• US rank: #6158

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fremont, WI
• Population (ZIP): 4,502

Population outlook (Waupaca County) Hauer SSP2

• Today (2025): 51,499 people
• By 2030: 50,628 · -1.7%
• By 2040: 47,858 · -7.1%
• By 2050: 44,228 · -14.1%
• By 2075: 37,069 · -28.0%
• By 2100: 29,186 · -43.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 5% Iranian 5% Portuguese 4%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Waupaca

• 2024 margin: Solid R (+33.4) · D 32.8% · R 66.2% · Other 1.1%
• 2008→2024 swing: -36.2pp toward R · 2008: 2.8pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+31.8 2016: R+30.2 2012: R+9.4 2008: D+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.68%
• Current HPI: 215.324
• 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

-13.2% since first listed

7 events — show timeline

• 2026-05-22 Pending — RANW
• 2026-03-16 Contingent — RANW
• 2026-03-04 Price Changed $649,900 RANW
• 2026-02-06 Listed $680,000 RANW
• 2026-01-10 Listing Removed — RANW
• 2025-08-22 Price Changed $699,000 RANW
• 2025-05-22 Listed $749,000 RANW

Property tax history

+1.1%/yr

Latest (2025): $6,510 · -9.5% YoY. Source: county tax records.