505 W Irving Ave · Oshkosh, WI 54901

$299,900

7 bd · 3.0 ba · 2,742 sqft · MultiFamily public records · 15 Days on market

Built 1922 7,405 sqft lot Est $222k · 35% 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 +21.6/30.0
• DSCR +6.9/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +2.9/10.0
• 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

Investment Opportunity! Thisduplex offers an updated and freshly painted main floor unit with hardwood flooring, 3 bedrooms and 1 bath. Upper unit has updated flooring and original hardwood, 4 bedrooms and 2 full baths. Unique opportunity to finishthe walk up attic to add more square footage to your investment. Separate utilities for each unit. This property sits just blocks from campus, making it a great housing option for students. Large front porch and ample parking for tenants!

Key facts

• Hardwood flooring
• Separate utilities
• Walk up attic

Tags

• UPDATED MAIN FLOOR UNIT
• HARDWOOD FLOORING
• WALK UP ATTIC
• SEPARATE UTILITIES
• LARGE FRONT PORCH
• AMPLE PARKING

Property features AI

Finance

• Other: Inclusions: 2 stoves, 2 refrigerators, coin-operated laundry; Exclusions: personal property
• Financial info: Property is a multi-family duplex with 2 units

Exterior

• Parking: Outdoor parking
• Utilities: Municipal water; Municipal sewer; Separate electric meters; Separate gas meters
• Home design: Two-story 2-flat multi-family building; 1–2 stories listed
• Construction: Duplex building type
• Exterior features: Aluminum/steel exterior; Lot approximately 0.17 acre; Zoned for duplex

Interior

• Kitchen: Unit 2 kitchen on upper level; Inclusions: 2 stoves, 2 refrigerators
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 4 bedrooms (master on upper level; additional bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 2 full baths
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Full basement with crawl space; Coin-operated laundry available
• Laundry & utility: Coin-operated laundry included; Separate electric meters; Separate gas meters

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $456 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.7% in Oshkosh — 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 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.0%/yr); 82 active listings in the ZIP; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• At $3,184/mo this rent would consume 62% of the median local household income ($62k/yr) (locally 1484% 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 $9k of value loss. Plan a longer hold.
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,401 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — 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. 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?
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: 1.06% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.52%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $222,102
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 W Irving Ave	0.00mi	7/3.0	2,775 (+1%)	18mo	$250,000	$90	83
907 Jackson St	0.29mi	6/3.0 (-1)	2,600 (-5%)	1mo	$230,000	$88	72
735 Jackson St	0.10mi	6/2.0 (-1)	2,458 (-10%)	0mo	$200,000	$81	68
647 Jackson St	0.05mi	6/2.0 (-1)	2,527 (-8%)	10mo	$185,000	$73	67
641 Franklin St	0.14mi	6/4.0 (-1)	2,694 (-2%)	22mo	$207,500	$77	63
863 Wright St	0.26mi	7/2.0	2,882 (+5%)	20mo	$342,000	$119	59
751 Woodland Ave	0.39mi	6/2.0 (-1)	2,553 (-7%)	11mo	$179,900	$70	53
746 Central St	0.25mi	6/2.0 (-1)	2,340 (-15%)	18mo	$175,000	$75	40

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 · 4.97% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-13,069
• Equity at exit: $44,716

10-year hold

• IRR: 7.7%
• Equity multiple: 1.64×
• Total profit: $53,683
• Equity at exit: $25,930

Cash invested: $83,972 (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 54901

• Rents YoY: 5.0%
• Active inventory: 82
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $3,184 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$362 /mo · $4,338/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $456

Break-even live

Break-even rent $2,607

Max offer price $299,900

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,471
1× unit	4	2	$1,713
Total (2 units)			$3,184

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $299,900 Active 15 DOM
2. 2026-06-18
   days on market $299,900 Active 14 DOM
3. 2026-06-17
   days on market $299,900 Active 13 DOM
4. 2026-06-16
   days on market $299,900 Active 12 DOM
5. 2026-06-15
   days on market $299,900 Active 11 DOM
6. 2026-06-14
   days on market $299,900 Active 9 DOM
7. 2026-06-13
   days on market $299,900 Active 8 DOM
8. 2026-06-10
   days on market $299,900 Active 6 DOM
9. 2026-06-09
   days on market $299,900 Active 5 DOM
10. 2026-06-08
    days on market $299,900 Active 4 DOM
11. 2026-06-07
    remarks 486-char remark
12. 2026-06-07
    listed $299,900 Active 3 DOM

ⓘ 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: $4,338 · $362/mo
• Projected year-2 tax: $4,943 · $412/mo
• Expected delta: +$605/yr (+$50/mo · 13.9%)

ⓘ 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 · 13 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: $38,208
• − Mortgage interest: −$16,799
• − Property taxes: −$4,338
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,057
• − Management: −$3,057
• − Depreciation: −$8,724
• Taxable income: $733
• Est. tax owed @ 24.0%: −$176
• After-tax cash flow: $5,298/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: Oshkosh Area School District
• NCES district ID: 5511190
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $48,048
• Composite: 28.92/100
• National rank: #6634
• State rank: #246 of 342 in WI

Livability — Oshkosh

• Score: 85/100
• State rank: #29
• US rank: #574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oshkosh, WI
• County: Winnebago County · 155,689 people
• City population: 81,810
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 37,294
• Household income: $61,794
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1484.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 6% Hispanic / Latino 6% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 2% Spanish 2% Arabic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.12%
• Current HPI: 187.7253
• Rent YoY: ▲ 4.97%
• Metro: Oshkosh-Neenah, 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

-74.3% since first listed

4 events — show timeline

• 2026-06-04 Listed $299,900 SCWMLS
• 2024-12-19 Sold (Public Records) $395,000 Public Records
• 2024-08-22 Sold (Public Records) $395,000 Public Records
• 2016-02-26 Sold (Public Records) $1,167,000 Public Records

Property tax history

+5.4%/yr

Latest (2024): $4,338 · -28.4% YoY. Source: county tax records.