128 Franklin St · Sparta, WI 54656

$225,000

4 bd · 1.5 ba · 1,800 sqft · SingleFamily · 19 Days on market

Built 1900 4,791 sqft lot Est $275k · 18% under

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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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 2 story home in a great location in downtown Sparta. Home has 4 bedrooms and 1 updated bath and main floor laundry room. Storage shed in back for mowers and garden equipment. Cement block basement is dry. .. Seller will provide a Home Warranty

Key facts

• Half bath
• Laundry room
• New flooring

Tags

• UPDATED ROOF
• NEW FLOORING
• LARGE MAIN FLOOR BATH
• LAUNDRY ROOM
• HALF BATH

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Two-story single-family home; Approximately 1,800 finished above-grade square footage; Year built: see remarks
• Construction: Partial block foundation
• Exterior features: Aluminum/steel exterior; Storage building on property; Zoned residential

Interior

• Kitchen: Kitchen on main level approximately 14 x 17; Includes refrigerator and stove
• Bedrooms: Master bedroom (Upper) approximately 15 x 14; Bedroom 2 (Upper) approximately 15 x 11; Bedroom 3 (Main) approximately 18 x 8; Bedroom 4 (Main) approximately 15 x 10
• Bathrooms: One full bathroom; One half bathroom; Master bathroom with tub/shower combo
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Partial block basement
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.3% in Sparta — 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 77/100 on livability (#124 in WI, #3,230 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Sparta Area School District (town): math 22% / reading 30% proficiency, ranked #302 of 342 in WI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 93 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago 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.
• Current owner paid $108k; list at $225k implies a 108% 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 $221,625 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.04% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $275,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 N Benton St	0.34mi	4/2.0	1,850 (+3%)	1mo	$265,000	$143	77
515 North St	0.27mi	3/2.0 (-1)	1,800 (0%)	5mo	$275,000	$153	76
610 Central Ave	0.32mi	4/2.0	1,842 (+2%)	6mo	$221,000	$120	74
416 Sunny Ave	0.27mi	3/1.5 (-1)	1,760 (-2%)	9mo	$215,000	$122	72
312 E Main St	0.29mi	3/1.5 (-1)	1,900 (+6%)	7mo	$195,000	$103	66
606 E Franklin St	0.47mi	3/2.0 (-1)	1,840 (+2%)	9mo	$325,000	$177	60
200 Grove St	0.44mi	3/2.0 (-1)	1,699 (-6%)	4mo	$260,000	$153	60
306 S K St	0.27mi	3/2.0 (-1)	1,564 (-13%)	2mo	$235,052	$150	57
523 W Main St	0.31mi	3/1.0 (-1)	1,600 (-11%)	8mo	$169,000	$106	53
828 North St	0.51mi	4/2.0	1,600 (-11%)	7mo	$257,000	$161	50
616 East Ave	0.72mi	4/3.0	1,600 (-11%)	7mo	$275,000	$172	36
1000 Habhegger Ave	0.71mi	3/2.5 (-1)	1,564 (-13%)	0mo	$265,000	$169	36

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-8,972
• Equity at exit: $33,548

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $27,459
• Equity at exit: $19,454

Cash invested: $63,000 (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 54656

• Active inventory: 70
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$151 /mo · $1,806/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $432

Break-even live

Break-even rent $1,803

Max offer price $225,000

Occupancy floor 77%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 Stelting St Sparta, WI	3.0	2.0	1368	$2,350	$1.72	14d	1	0.64mi

Listing history 27 events

1. 2026-06-13
   statusdays on market $225,000 Pending 19 DOM
2. 2026-06-10
   days on market $225,000 Active 17 DOM
3. 2026-06-09
   days on market $225,000 Active 16 DOM
4. 2026-06-08
   days on market $225,000 Active 15 DOM
5. 2026-06-07
   days on market $225,000 Active 14 DOM
6. 2026-06-03
   days on market $225,000 Active 10 DOM
7. 2026-06-02
   days on market $225,000 Active 9 DOM
8. 2026-06-01
   days on market $225,000 Active 8 DOM
9. 2026-05-31
   days on market $225,000 Active 7 DOM
10. 2026-05-31
    days on market $225,000 Active 6 DOM
11. 2026-05-23
    listed $225,000 Active
12. 2022-12-16
    soldstatus $108,000 Sold 252-char remark

    Show marketing remark (252 chars)

    Spacious 2 story home in a great location in downtown Sparta. Home has 4 bedrooms and 1 updated bath and main floor laundry room. Storage shed in back for mowers and garden equipment. Cement block basement is dry. .. Seller will provide a Home Warranty

13. 2022-12-16
    soldstatus $108,000

    Show marketing remark (252 chars)

    Spacious 2 story home in a great location in downtown Sparta. Home has 4 bedrooms and 1 updated bath and main floor laundry room. Storage shed in back for mowers and garden equipment. Cement block basement is dry. .. Seller will provide a Home Warranty

14. 2022-11-08
    status Pending 252-char remark

    Show marketing remark (252 chars)

    Spacious 2 story home in a great location in downtown Sparta. Home has 4 bedrooms and 1 updated bath and main floor laundry room. Storage shed in back for mowers and garden equipment. Cement block basement is dry. .. Seller will provide a Home Warranty

15. 2022-11-02
    listed $97,000 Active 252-char remark

    Show marketing remark (252 chars)

    Spacious 2 story home in a great location in downtown Sparta. Home has 4 bedrooms and 1 updated bath and main floor laundry room. Storage shed in back for mowers and garden equipment. Cement block basement is dry. .. Seller will provide a Home Warranty

16. 2013-01-02
    historical 145-char remark

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

17. 2013-01-02
    listed $59,000 145-char remark

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

18. 2013-01-02
    historical

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

19. 2013-01-02
    listed $59,900

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

20. 2013-01-02
    listed $64,900

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

21. 2013-01-02
    historical

    Show marketing remark (145 chars)

    STARTER HOME OR INVESTMENT PROPERTY. FRONT AND BACK PORCH, CLOSE TO TOWN, SCHOOLS, & STORES. HOME RENTS FOR $650.00 PER MONTH. BRING OFFERS!

22. 2012-06-11
    soldstatus $56,000
23. 2008-02-07
    soldstatus $68,000
24. 2006-03-23
    soldstatus $43,500
25. 2006-03-17
    historical
26. 2005-10-17
    listed $49,900
27. 2003-08-29
    soldstatus $59,000

ⓘ 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: $1,806 · $151/mo
• Projected year-2 tax: $2,984 · $249/mo
• Expected delta: +$1,178/yr (+$98/mo · 65.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,200
• − Mortgage interest: −$12,603
• − Property taxes: −$1,806
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$6,545
• Taxable income: $1,608
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $4,802/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: Sparta Area School District
• NCES district ID: 5514160
• Math proficiency: 22% ▼ -9.00%
• Reading proficiency: 30% ▼ -2.00%
• Median HH income: $51,340
• Composite: 22.99/100
• National rank: #7982
• State rank: #302 of 342 in WI

Livability — Sparta

• Score: 77/100
• State rank: #124
• US rank: #3230

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, WI
• Population (ZIP): 18,068

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 45,682 people
• By 2030: 45,187 · -1.1%
• By 2040: 43,768 · -4.2%
• By 2050: 41,596 · -8.9%
• By 2075: 35,555 · -22.2%
• By 2100: 28,278 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 14% Romanian 4% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 0%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+26.1) · D 36.3% · R 62.5% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: 8.0pp · 2024: -26.1pp
• All cycles: 2024: R+26.1 2020: R+23.6 2016: R+22.5 2012: R+0.7 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.23%
• Current HPI: 214.4606
• 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

+281.4% since first listed

17 events — show timeline

• 2026-05-23 Listed $225,000 SCWMLS
• 2022-12-16 Sold (Public Records) $108,000 Public Records
• 2022-12-16 Sold (MLS) $108,000 METROMLS
• 2022-11-08 Pending — METROMLS
• 2022-11-02 Listed $97,000 METROMLS
• 2013-01-02 Listed $59,000 METROMLS
• 2013-01-02 Listing Removed — METROMLS
• 2013-01-02 Listed $59,900 METROMLS
• 2013-01-02 Listing Removed — METROMLS
• 2013-01-02 Listing Removed — METROMLS
• 2013-01-02 Listed $64,900 METROMLS
• 2012-06-11 Sold (Public Records) $56,000 Public Records
• 2008-02-07 Sold (Public Records) $68,000 Public Records
• 2006-03-23 Sold (MLS) $43,500 NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-10-17 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-08-29 Sold (Public Records) $59,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,806 · +5.1% YoY. Source: county tax records.